ERISA Litigation Roundup: Northern District of Illinois Dismisses ERISA Stock-Drop Suit

On August 23, 2021, the U.S. District Court for the Northern District of Illinois dismissed an ERISA stock-drop lawsuit brought against fiduciaries of Kraft Heinz Food Company’s employee stock ownership plan (ESOP), holding that the plaintiffs failed to meet the “more harm than good” pleading standard set forth in Fifth Third Bancorp v. Dudenhoeffer, 573 U.S. 409, 428 (2014). Osborne v. Emp. Benefits Admin. Bd. of Kraft Heinz, No. 20-cv-2256, 2021 WL 3725613 (N.D. Ill. Aug. 23, 2021).

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About Author: Jeffrey P. Justman

Jeff Justman is a legal strategist and advocate who represents clients in shareholder and securities litigation, appellate matters, and class actions in state and federal courts across the country. Jeff also manages an active pro bono practice, with a particular emphasis on protecting the right to vote and to participate in the political process. View all posts by Jeffrey P. Justman