Following the first day of Supreme Court hearings in the case Retirement Plans Committee of IBM v. Jander, Pensions & Investments turned to Chicago partner Kim Jones for takeaways from the hearings.

The industry publication reported on defense’s argument that employee stock ownership plan fiduciaries, including corporate insiders, do not have an obligation to use information gained in a corporate capacity in a fiduciary capacity.

Justices Stephen Breyer and Ruth Bader Ginsburg voiced apprehension about getting involved in a discussion on the relationship between ERISA and federal securities laws.

"There is this tension between securities laws and ERISA fiduciary duties," said Jones.

Source: Pensions & Investments
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