Business Roundtable Files Amicus Brief in Litigation Involving Company ESOP


On August 13, Business Roundtable, the Securities Industry and Financial Markets Association and the U.S. Chamber of Commerce filed an amicus brief asking the U.S. Supreme Court to review Retirement Plans Committee of IBM v. Larry W. Jander. Participants in IBM’s ERISA-covered Employee Stock Ownership Plan (ESOP) claimed plan administrators violated their fiduciary duties and sued when the price of the company’s stock dropped. As the amicus brief notes, the Supreme Court had previously called for courts to provide “careful, context-sensitive scrutiny of a complaint’s allegations” in such cases. Business Roundtable contends the appeal would give the court an opportunity to offer concrete and helpful guidance so district courts can separate claims with merit from those without. See brief here