9Th Won T Rehear Erisa Case En Banc Leading To Angry Dissental
The Ninth Circuit has declined to rehear an ERISA case from 2014 which held that a lawsuit by employees of the biotech company Amgen can go forward. Those employees accuse Amgen of violating its fiduciary duties by including the company’s own stock in retirement holdings when plan administrators should have known that stock was overvalued. The decision is one of the first ERISA-related rulings since the Supreme Court unanimously rejected the presumption of prudence for Employee Stock Ownership Plan (ESOP) fiduciaries....