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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...
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