Bradley Attorneys Mike Pennington, Scott Smith and Caroline Spore Co-Author DRI Amicus Brief

Press Release

On behalf of DRI, Bradley attorneys Mike Pennington, Scott Smith and Caroline Spore co-authored an amicus brief that was filed with the U.S. Supreme Court in support of Retirement Plans Committee of IBM in the case of Retirement Plans of IBM, et al. v. Jander, et al. The brief challenges the court to decide whether the pleading standard for ESOP stock-drop claims requiring plaintiffs to “plausibly allege that a prudent fiduciary in the defendant’s position could not have concluded that [an alternative action] would do more harm than good to the fund” can be satisfied by generalized allegations that the harm of an inevitable disclosure of an alleged fraud generally increases over time. The brief was filed by DRI’s Center for Law and Public Policy. Pennington, Smith and Spore are available for interview or public comment on the matter. The full text of the brief can be found here.