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JANDER v. RETIREMENT PLANS COMMITTEE OF IBM

Docket No. 17-3518, August Term, 2019.

962 F.3d 85 (2020)

Larry W. JANDER, and all other individuals similarly situated, Richard J. Waksman, Plaintiffs-Appellants, v. RETIREMENT PLANS COMMITTEE OF IBM, Richard Carroll, Robert Weber, Martin Schroeter, Defendants-Appellees, International Business Machines Corporation, Defendant.

United States Court of Appeals, Second Circuit.

Decided: December 10, 2018.

Vacated: January 14, 2020.

Reinstated: June 22, 2020.

Attorney(s) appearing for the Case

Samuel E. Bonderoff , Jacob H. Zamansky , James Ostaszewski , Zamansky LLC, New York, NY, for Plaintiffs-Appellants.

Paul D. Clement , George W. Hicks, Jr. , C. Harker Rhodes IV , Kirkland & Ellis LLP, Washington, DC; Lawrence Portnoy , Michael S. Flynn , David B. Toscano , Zachary A. Kaufman , Davis Polk & Wardwell LLP, New York, NY, for Defendants-Appellees.

Kate O'Scannlain , Solicitor of Labor, G. William Scott , Associate Solicitor for Plan Benefits Security, Thomas Tso , Counsel for Appellate and Special Litigation, Eirik Cheverud , Trial Attorney, U.S. Department of Labor, Washington, DC, for Amicus Curiae U.S. Secretary of Labor.

Michael A. Conley , Solicitor, David D. Lisitza , Senior Litigation Counsel, Securities and Exchange Commission, Washington, DC, for Amicus Curiae Securities and Exchange Commission.

Nicole A. Saharsky , Brian D. Netter , Mayer Brown LLP, Washington, DC; Nancy G. Ross , Mayer Brown LLP, Chicago, IL, for Amici Curiae the Chamber of Commerce of the United States of America, the Securities Industry and Financial Markets Association, the ERISA Industry Committee, and the American Benefits Council in Support of Defendants-Appellees.

Before: Katzmann, Chief Judge, Sack and Raggi, Circuit Judges.

In this case, plaintiffs, participants in IBM's employee stock option plan, allege that the plan's fiduciaries breached their duty of prudence under the Employee Retirement Income Security Act of 1974 ("ERISA"). The district court granted defendants' motion to dismiss, Jander v. Ret. Plans Comm. of IBM, 272 F.Supp.3d 444 (S.D.N.Y. 2017...

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