Issue: (1) Whether, under Section 1104(a)(1)(B) of the Employee Retirement Income Security Act, a fiduciary of a plan that invests in qualified employer securities who knows, or should have known, that it is imprudent to invest in the employer’s securities is permitted to take no steps to protect plan participants and beneficiaries unless the employer is in a “dire situation” or near bankruptcy; and (2) whether, under Section 1104(a)(1)(B), a complaint by a plan participant against a fiduciary of such a plan need only plead facts making plausible the conclusion that the fiduciary failed to act with “care, skill, prudence, and diligence,” or whether instead the complaint must plead facts making plausible the conclusion that the fiduciary knew, or should have known, that the employer was in a “dire situation” or near bankruptcy.
On Monday the Court granted five new cases and issued four opinions in argued cases. The archived Live Blog is here.
On Thursday the Justices will meet for their May 23 Conference. Our list of “Petitions to watch” for that Conference is here.
Bloomberg Law and SCOTUSblog’s Supreme Court Challenge
Current Standings - Top 5 Teams
1. The Silent Ts
Georgetown University Law Center
1. Ninos Angels
George Washington University Law School
1. Protect Sam Chase
St. Johns University School of Law
1. Bro Bono
Indiana University -Bloomington, Maurer School of Law
5. Motion to Strike
Cornell University Law School
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