Justices' IBM Ruling Gives Life To ERISA Disclosure Liability

Law360 (January 21, 2020, 7:02 PM EST) -- In a closely watched decision, the U.S. Supreme Court in Retirement Plans Committee of IBM v. Jander[1] vacated and remanded for further proceedings a plaintiff-friendly ruling by the U.S. Court of Appeals for the Second Circuit in a stock drop case brought under the Employee Retirement Income Security Act.

Although the Second Circuit’s prior decision is now vacated, the Supreme Court’s remand leaves unresolved the potential conflict between ERISA-based duties and disclosure obligations imposed by the federal securities laws underscored in the original Second Circuit decision, giving viability to the so-called inevitable disclosure theory as a basis for potential ERISA liability.         ...

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