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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).

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