United States Ninth Circuit

Dismissal of an ERISA class action brought by plaintiff current and former employees of defendant-employer alleging that defendants acted imprudently, and thereby violated their fiduciary duties by continuing to provide Amgen common stock as an investment alternative when they knew or should have known that the stock was being sold at an artificially inflated price, is reversed and remanded, where: 1) a presumption of prudence did not apply; 2) in the absence of the presumption, plaintiffs sufficiently alleged violation of defendants' fiduciary duties regarding two employer-sponsored pension plans; and 3) defendant was an adequately alleged fiduciary of the Amgen Plan. (Superseding opinion)

Appellate Information

• Decided 10/23/2013
• Published 10/23/2013

Judges

• FLETCHER

Court

• United States Ninth Circuit

Counsel