United States Ninth Circuit

In a class action pursuant to ERISA by participants in an employer's 401(k) plan against named and de facto fiduciaries of the plan, claiming imprudent investments by the fiduciaries, summary judgment for defendants is affirmed where: 1) the Moench presumption was fully reconcilable with ERISA's statutory text and did not encourage insider trading, when properly formulated; and 2) plaintiffs did not generate a genuine issue of material fact sufficient to rebut the Moench presumption that continued investment in the stock at issue was prudent.

Appellate Information

• Decided 09/30/2010
• Published 09/30/2010

Judges

• Mark W. Bennett

Court

• United States Ninth Circuit

Counsel

• For Appellant:
  
• Patrice L. Bishop, Charles C. Jackson