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Bressler, Amery & Ross PC | USA | 14 Dec 2016

The Supreme Court Reaffirms Dirks and Rejects Newman’s Personal Benefit Test for Friends and Family

On December 6, 2016, the United States Supreme Court decided Salman v. United States, the first significant insider trading case in


Seyfarth Shaw LLP | USA | 19 Oct 2011

The Second Circuit adopts the “Moench presumption”, rejects stock drop claims against Citigroup

Joining at least the Third, Fifth, Sixth, and Ninth Circuits, in finding a presumption of prudence attaches when defined contribution plans offer employer stock as investment option, a divided panel of the Second Circuit today affirmed the dismissal of ERISA “stock drop” claims against Citigroup in In re: Citigroup ERISA Litigation, 09-3804 (Sept. 28, 2010).


Sheppard Mullin Richter & Hampton LLP | USA | 6 Oct 2010

Ninth Circuit adopts Moench presumption in favor of fiduciaries

In Quan v Computer Sciences Corporation, No 09-56190, DC No 2:08-cv-02398-SJO-JWJ, September 30, 2010, the Ninth Circuit has made clear it will apply the so-called Moench presumption in favor of fiduciaries who manage employer stock investments for 401(k) plans and ESOPs.

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