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Category: ESOPs

Your ERISA Watch – Court Holds that Detrimental Reliance Is Not Needed for Class-Wide Relief and Certifies ESOP Class

This week’s notable decision is Cunningham, et al. v. Wawa, Inc., et al., No. 2:18-cv-03355-PD (E.D. Pa. July 2, 2019), where the court granted Plaintiffs’ motion to certify a class of Employee Stock Ownership Plan (“ESOP”) participants.  In their ten-count complaint,…

Your ERISA Watch – Second and Eighth Circuits Affirm Dismissal of Imprudent Investment Lawsuits Involving SunEdison Stock

This week’s notable decision is Usenko v. MEMC LLC, No. 18-1626, __F.3d__, 2019 WL 2344827 (8th Cir. June 4, 2019), where the Eighth Circuit affirmed the district court’s dismissal of this putative class action alleging that Defendants breached their duty…

Your ERISA Watch – Fourth Circuit Affirms Multi-Million Judgment Against Trustee for Breach of Fiduciary Duty to Employee Stock Ownership Plan

This week’s notable decision is Brundle v. Wilmington Tr., N.A., No. 17-1873, __F.3d__, 2019 WL 1287632 (4th Cir. Mar. 21, 2019), as amended (Mar. 22, 2019), where the Fourth Circuit Court of Appeals affirmed the district court’s findings that the…

Your ERISA Watch – Second Circuit Holds that Participants Stated Plausible ERISA Claim for Breach of Duty to Manage ESOP Assets Prudently

This week’s notable decision is the Second Circuit’s decision in Jander v. Ret. Plans Comittee of IBM, No. 17-3518,__F.3d__, 2018 WL 6441116 (2d Cir. Dec. 10, 2018), where the Court was presented with the question of what standard one must…

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