Jenner & Block

ERISA Litigation Practice Chair Amanda Amert Discusses Implications of US Supreme Court Case

Jenner & Block Partner Amanda S. Amert, chair of the firm’s ERISA Litigation Practice, is quoted in a Bloomberg Law article about an important ERISA case before the US Supreme Court.  The article explains that the Court is considering a dispute over IBM’s 401(k) plan, one of dozens of proposed class lawsuits using ERISA to challenge drops in a company’s stock price.  Ms. Amert tells Bloomberg Law that the Court may have taken the IBM case to correct a problem with the Second Circuit’s interpretation of Dudenhoeffer.  The article notes that, the last time a federal appeals court ruled in favor of a 401(k) plan participant challenging a drop in employer stock price, the Court reversed the decision without hearing arguments.  In Amgen—decided a year and a half after the 2014 Dudenhoeffer decision—the Court said the Ninth Circuit “did not correctly apply” Dudenhoeffer.  “I think it’s pretty clear that the court took Amgen because it took issue with the interpretation of Dudenhoeffer that the Ninth Circuit was offering,” Ms. Amert observes. “You could reasonably infer that the court is doing something similar here.”