Duty Of Prudence Applies To Company-Stock Fund, 11th Circuit Rules

ATLANTA - The 11th Circuit U.S. Court of Appeals ruled March 5 in an unpublished opinion that although the Employee Retirement Income Security Act exempts the fiduciaries of eligible individual account plans (EIAPs) that acquire and hold employer securities from its diversification requirement, it does not exempt them from its prudence requirement (William B. Fisch, et al. v. SunTrust Banks, Inc., et al., Nos. 11-11607, 11-11608, 11th Cir.; 2013 U.S. App. LEXIS 4476)....(read more)Image may be NSFW.
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