Fifth Third Bancorp v. Dudenhoeffer

Docket No.	Op. Below	Argument	Opinion	Vote	Author	Term
12-751	6th Cir.	Apr 2, 2014 Tr.Aud.	Jun 25, 2014	9-0	Breyer	OT 2013

Holding: When a decision by a fiduciary of an “employee stock ownership plan” (ESOP) to buy or hold the employer’s stock is challenged in court, the fiduciary is not entitled to a “presumption of prudence.” Instead, ESOP fiduciaries are subject to the same duty of prudence that applies to Employee Retirement Income Security Act (ERISA) fiduciaries in general, except that they need not diversify the fund's assets.

Judgment: Vacated and remanded, 9-0, in an opinion by Justice Breyer on June 25, 2014.

SCOTUSblog Coverage

Opinion analysis: Court rejects “presumption of prudence” for ESOP fiduciaries (Timothy Simeone)
Argument analysis: No “coach class” fiduciary duties? (Timothy Simeone)
Argument preview: Court to address “presumption of prudence” for ERISA fiduciaries (Timothy Simeone)
Court grants two new cases (UPDATED) (Lyle Denniston)
Petition of the day (Mary Pat Dwyer)

Date	Proceedings and Orders (key to color coding)
Dec 14 2012	Petition for a writ of certiorari filed. (Response due January 22, 2013)
Jan 15 2013	Order extending time to file response to petition to and including February 22, 2013.
Jan 22 2013	Brief amicus curiae of Keycorp filed.
Jan 28 2013	Consent to the filing of amicus curiae briefs, in support of either party or of neither party received from counsel for the petitioners.
Feb 22 2013	Brief of respondents John Dudenhoeffer, et al. in opposition filed.
Mar 5 2013	Reply of petitioners Fifth Third Bancorp, et al. filed.
Mar 6 2013	DISTRIBUTED for Conference of March 22, 2013.
Mar 25 2013	The Solicitor General is invited to file a brief in this case expressing the views of the United States.
Nov 12 2013	Brief amicus curiae of United States filed.
Nov 25 2013	Supplemental response filed by petitioners Fifth Third Bancorp, et al.
Nov 26 2013	DISTRIBUTED for Conference of December 13, 2013.
Nov 26 2013	Supplemental brief of respondents John Dudenhoeffer, et al. filed. (Distributed)
Dec 13 2013	Petition GRANTED limited to Question 1 presented by the petition.
Jan 8 2014	SET FOR ARGUMENT ON Wednesday, April 2, 2014
Jan 14 2014	Record received from U.S.C.A. 6th Circuit. The record is electronic.
Jan 27 2014	Joint appendix filed (3 volumes). (Statement of costs filed)
Jan 27 2014	Brief of petitioners Fifth Third Bancorp, et al. filed.
Jan 28 2014	Consent to the filing of amicus curiae briefs, in support of either party or of neither party, received from counsel for the petitioners.
Jan 30 2014	Consent to the filing of amicus curiae briefs, in support of either party or of neither party, received from counsel for the respondents.
Feb 3 2014	CIRCULATED.
Feb 3 2014	Brief amicus curiae of KeyCorp filed. (Distributed)
Feb 3 2014	Brief amicus curiae of Delta Air Lines, Inc. filed. (Distributed)
Feb 3 2014	Brief amici curiae of Chamber of Commerce of the United States of America, et al. filed. (Distributed)
Feb 3 2014	Brief amicus curiae of Securities Industry and Financial Markets Association filed. (Distributed)
Feb 3 2014	Brief amicus curiae of ESOP Association filed. (Distributed)
Feb 26 2014	Brief of respondents John Dudenhoeffer, et al. filed. (Distributed)
Feb 26 2014	Letter proposing a lodging of material published in Tax Notes, March 2014, received from counsel for respondents. filed. (Distributed)
Feb 28 2014	Proposal of counsel for respondents to lodge copies of an unpublished article cited to in their brief on the merits.
Mar 4 2014	Brief amicus curiae of AARP filed. (Distributed)
Mar 5 2014	Brief amicus curiae of United States filed. (Distributed)
Mar 5 2014	Motion of the Solicitor General for leave to participate in oral argument as amicus curiae and for divided argument filed.
Mar 5 2014	Brief amicus curiae of American Federation of Labor and Congress of Industrial Organizations filed. (Distributed)
Mar 5 2014	Brief amici curiae of Law Professors filed. (Distributed)
Mar 21 2014	Motion of the Solicitor General for leave to participate in oral argument as amicus curiae and for divided argument GRANTED.
Mar 24 2014	Reply of petitioners Fifth Third Bancorp, et al. filed. (Distributed)
Apr 2 2014	Argued. For petitioners: Robert A. Long, Jr., Washington, D. C. For respondents: Ronald Mann, New York, N. Y.; and Edwin S. Kneedler, Deputy Solicitor General, Department of Justice, Washington, D. C. (for United States, as amicus curiae.)
Jun 25 2014	Judgment VACATED and case REMANDED. Breyer, J., delivered the opinion for a unanimous Court.
Jul 28 2014	JUDGMENT ISSUED.

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Editor's Note :

Fifth Third Bancorp v. Dudenhoeffer

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