07/09/14 - Review U.S. Supreme Court Decision in Fifth Third Bancorp v. Dudenhoeffer Wednesday, July 9, 2014 (2pm - 3:30pm US/Eastern)

The registration period for this meeting has ended.

Call Time: Wednesday, July 9, 2:00 p.m. – 3:30 p.m. (EDT)

ERIC will host a FocusOn Conference Call to discuss the impact of the U.S. Supreme Court’s decision in Fifth Third Bancorp v. Dudenhoeffer, which involved whether the “presumption of prudence” applies at the pleading stage in stock drop cases. ERIC had jointly filed an amicus brief in this case, urging the Court to apply the presumption of prudence at the pleading stage.

The Court considered whether the Sixth Circuit erred by rejecting the presumption of prudence (at the motion to dismiss stage) adopted by most other appellate courts that have ruled on the issue when addressing breach of fiduciary duty claims in stock drop litigation involving 401(k) and ESOP plans. Unfortunately, the Court held that fiduciaries of plans that include company stock as an investment option are not entitled to any “presumption of prudence.” However, the Supreme Court also recognized that meritless claims may be able to be dismissed for failing to state a claim, and effectively imposed several hurdles before plaintiffs can overcome an early dismissal of litigation.

We are pleased to have two of the country's most prominent legal experts on ERISA participate on the call, including one of the attorneys who argued the case before the Supreme Court:

Robert Long, partner with Covington & Burling, who practices in the areas of appellate litigation, antitrust, and administrative law, and chairs the firm’s Appellate and Supreme Court Litigation Group. Mr. Long argued the case before the Court for Fifth Third Bancorp.

Anthony Shelley, member of Miller & Chevalier and Chair of the firm's Executive Committee. Mr. Shelley's practice focuses on the litigation of pension benefit and health care issues before the federal and state trial and appellate courts and administrative agencies. His experience includes the litigation of matters involving ERISA and other federal employee benefits statutes before the U.S. Supreme Court and numerous federal courts of appeals.

Mr. Long and Mr. Shelley will review the key issues and concerns of the case, the arguments of the parties (and the amici), and the decision and what it means for plan sponsors and fiduciaries.

The call will be held on Wednesday, July 9, from 2:00 p.m. to 3:30 p.m. (EDT).

We hope you can join us.

To register for the call, click on the "Register Now" link at the top of this page and follow the directions (you will need your username and password).

If you are a prospective member and would like to participate in the call, please contact ERIC at 202-789-1400 or e-mail: memberservices@eric.org.

Related Files:

Fifth Third Bancorp Presentation_July 2014.pdf