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Justices Asked to Hear SunEdison 401(k) Stock Suit, Eventually

Nov. 7, 2019, 3:32 PM

A participant in SunEdison Inc.'s retirement plan asked the U.S. Supreme Court to consider his lawsuit challenging a drop in SunEdison stock price, but only after the court resolves a pending case involving IBM.

Eric O’Day wants the justices to undo a Second Circuit opinion declining to impose liability on SunEdison executives for retirement plan losses tied to a drop in the company’s stock price. O’Day says this decision “conflicts with, and impermissibly expands” the Supreme Court’s 2014 decision in Fifth Third Bancorp v. Dudenhoeffer, which created a defendant-friendly pleading standard for lawsuits challenging stock drops under the Employee...

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