Gray v. Citigroup Inc.
Petition for certiorari denied on October 15, 2012
Issue: (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.
|Date||Proceedings and Orders|
|May 2 2012||Application (11A1045) to extend the time to file a petition for a writ of certiorari from May 23, 2012 to June 22, 2012, submitted to Justice Ginsburg.|
|May 3 2012||Application (11A1045) granted by Justice Ginsburg extending the time to file until June 22, 2012.|
|Jun 22 2012||Petition for a writ of certiorari filed. (Response due July 25, 2012)|
|Jul 20 2012||Order extending time to file response to petition to and including September 7, 2012.|
|Jul 24 2012||Brief amici curiae of AARP, et al. filed.|
|Jul 25 2012||Brief amici curiae of Law Professors filed.|
|Sep 7 2012||Order further extending time to file response to petition to and including September 12, 2012.|
|Sep 12 2012||Brief of respondents Citigroup Inc., et al. in opposition filed. (Distributed)|
|Sep 25 2012||Reply of petitioners Stephen Gray, et al. filed. (Distributed)|
|Sep 26 2012||DISTRIBUTED for Conference of October 12, 2012.|
|Oct 15 2012||Petition DENIED.|