United States First Circuit
Bunch v. W.R. Grace & Co., 08-1406
In consolidated suits filed by participants in defendant-employer's Retirement and Savings Plan alleging a breach of the fiduciary duty owed plaintiffs pursuant to ERISA when defendants sold certain stock at an imprudently low price, summary judgment for defendants is affirmed over claims that the district court: 1) misapplied a law concerning the presumption that the retention of company stock in a retirement plan is consistent with ERISA; and 2) erred in its equation of defendant-advisor's process for deciding to sell the company's stock, which the court said "took into consideration the totality of circumstances surrounding [said] stock," with a substantively sound and reasoned analysis of all relevant circumstances.
Appellate Information
- Decided 01/29/2009
- Published 01/29/2009
Judges
Court
- United States First Circuit