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Petition of the day

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The petition of the day is:

13-888

Issue: (1) Whether the Ninth Circuit erred in holding that respondents, in seeking to prove their claims under the Employee Retirement Income Security Act (ERISA), could invoke the presumption of class-wide reliance approved by this Court for securities claims in Basic Inc. v. Levinson; (2) whether the Ninth Circuit erred in holding that a fiduciary of a company’s employee-retirement plan must act — with respect to publicly-traded securities — on non-public information about the company in order to avoid liability under ERISA; and (3) whether the Ninth Circuit erred in holding that the “presumption of prudence,” which protects ERISA fiduciaries from liability in certain circumstances, applies only if the relevant retirement-plan language requires or encourages a fiduciary to invest in the employer’s own stock.

Cases: Amgen Inc. v. Harris

Recommended Citation: Maureen Johnston, Petition of the day, SCOTUSblog (Apr. 23, 2014, 12:00 AM), https://www.scotusblog.com/2014/04/petition-of-the-day-594/