• On April 19th, the Seventh Circuit rejected the Sixth Circuit's opinion in Pfeil v. State Street Bank & Trust Co., 671 F.3d 585 (6th Cir. 2012), which allows employees seeking to hold 401(k) plan fiduciaries liable for investment imprudence to overcome the presumption of prudence by showing that a prudent fiduciary acting under similar circumstances would have made a different investment decision. Instead, the Seventh Circuit holds that employees wishing to overcome the presumption of prudence must show that no reasonable fiduciaries would have thought they were obligated to continue offering company stock. White v. Marshall & Isley Corporation.