Petition of the day
The petition of the day is:
Gray v. Citigroup Inc.
Issue(s): (1) Whether, under Section 1104(a)(1)(B) of the Employee Retirement Income Security Act, a fiduciary of a plan that invests in qualified employer securities who knows, or should have known, that it is imprudent to invest in the employer’s securities is permitted to take no steps to protect plan participants and beneficiaries unless the employer is in a “dire situation” or near bankruptcy; and (2) whether, under Section 1104(a)(1)(B), a complaint by a plan participant against a fiduciary of such a plan need only plead facts making plausible the conclusion that the fiduciary failed to act with “care, skill, prudence, and diligence,” or whether instead the complaint must plead facts making plausible the conclusion that the fiduciary knew, or should have known, that the employer was in a “dire situation” or near bankruptcy.
Certiorari stage documents:
Recommended Citation: Ben Cheng, Petition of the day, SCOTUSblog (Oct. 8, 2012, 11:01 PM), http://www.scotusblog.com/2012/10/petition-of-the-day-349/