The Supreme Court has been asked to rule on whether employers that offer company stock in their 401(k) plans can be assumed to have acted prudently even if the price of the stock drops steeply.
The solicitor general's office filed a brief after the court sought its input on Fifth Third Bancorp v. John Dudenhoeffer et al. The solicitor general asked the justices to rule that "courts should not apply a presumption that an [Employee Stock Ownership Plan] fiduciary has acted prudently at any stage of the proceedings."
The Department of Labor also filed a brief asking the Supreme Court to reverse the decision.
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