United States Ninth Circuit

Dismissal of an ERISA class action brought by current and former employees of defendants is reversed, where: 1) a presumption of prudence did not apply because the plan terms did not require or encourage the defendant fiduciaries to invest primarily in employer stock; 2) in the absence of the presumption, plaintiffs sufficiently alleged violation of defendants' fiduciary duties regarding two employer sponsored pension plans; and 3) defendant is an adequately alleged fiduciary of the Amgen Plan.

Appellate Information

• Decided 06/04/2013
• Published 06/04/2013

Judges

• FLETCHER

Court

• United States Ninth Circuit

Counsel