SEC, IBM Assail 2nd Circ. Revival Of ERISA Stock-Drop Suit

Law360 (June 2, 2020, 9:00 PM EDT) -- IBM and the U.S. Securities and Exchange Commission said the Second Circuit dropped the ball when it revived a proposed class action from IBM workers who claimed they were kept in the dark about the risks of sinking their retirement savings into their employer's stock.

IBM and lead plaintiff Larry Jander filed dueling briefs in the Second Circuit on Monday, while the SEC responded to the U.S. Supreme Court's call to weigh in on the case with a letter and an August 2019 high court amicus brief.

The justices remanded the case to the Second Circuit in January after declining to...

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