Sixth Circuit Continues to March to Its Own Drummer, Reversing the Dismissal of Another “Stock Drop” Case, While The Second Circuit Marches in a Different Direction

The Court of Appeals for the Sixth Circuit ruled in Pfeil v. State Street Bank & Trust Co., 671 F.3d 585, 591 (6th Cir. 2012) that the presumption that a fiduciary acted reasonably in retaining company stock cannot be applied at the pleading stage of litigation.

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