The case has effectively been kicked back to the 2nd Circuit for a ruling on arguments the Supreme Court feels should be aired before a lower court.
Tag: stock drop lawsuits
As a general rule, “Doe pleading” is disfavored in federal court. However, the practice is not entirely forbidden, particularly where the identities of alleged defendants are unknown.
The affirmation once again shows how influential has been the Supreme Court’s 2014 decision known as Fifth Third v. Dudenhoeffer. It also presents an interpretation of how Fifth Third interacts with another significant SCOTUS decision known as Tibble v. Edison.
Plaintiffs allege plan fiduciaries should have known the company’s stock price was artificially inflated—and that fiduciaries breached their duties of prudence and loyalty by continuing to offer J&J stock in the retirement plan.