SG Urges High Court To Nix RJ Reynolds ERISA Appeal

Law360, New York (May 29, 2015, 7:19 PM EDT) -- The U.S. Solicitor General has urged the Supreme Court not to take up an appeal from R.J. Reynolds Tobacco Co., saying the lower court correctly decided it had breached its fiduciary duties under the Employment Retirement Income Security Act in a $50 million suit stemming from the company's 1999 spinoff from RJR Nabisco Inc.

In a Tuesday amicus brief, the solicitor general said the Fourth Circuit correctly concluded that petitioners RJR Pension Investment Committee and RJR Employee Benefits Committee bore the burden of proving that their failure to conduct an adequate investigation before deciding to divest the company's retirement plan did...

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