4th Circ. OKs RJ Reynolds' Win In $50M ERISA Suit

Law360, New York (April 28, 2017, 8:00 PM EDT) -- The Fourth Circuit on Friday upheld tobacco giant RJ Reynolds’ win in an Employee Retirement Income Security Act class action over $50 million allegedly lost to retirement plan mismanagement following its 1999 spinoff from RJR Nabisco Inc., saying that a hypothetical and prudent plan manager would have done the same thing.

A divided three-judge panel issued a published opinion that let stand a February 2016 ruling by U.S. District Judge N. Carlton Tilley Jr. saying that even though the company breached its duty of prudence as...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.