Feds Say 2nd Circ. Used Wrong Standard In IBM ERISA Case

Law360 (August 14, 2019, 4:30 PM EDT) -- The U.S. Supreme Court should strike down a Second Circuit decision that revived a proposed class action from IBM workers who said they were wrongly allowed to invest in overvalued company stock and send the case back for the appeals court to redo its decision, the federal government has told the high court.

The U.S. departments of Justice and Labor and the U.S. Securities and Exchange Commission filed an amicus brief Tuesday in a case where a group of IBM workers claims the company flouted the Employee Retirement Income Security Act by letting them invest their retirement savings in company stock...

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