Coburn v. Evercore Trust Company, N.A.

MEMORANDUM OPINION

REGGIE B. WALTON, United States District Judge

The complaint in this putative class action alleges that the defendant, Ever-core Trust Company, N.A., in its capacity as the plan fiduciary of an employee stock ownership plan governed by the Employment Retirement Income Security Act (“ERISA”), breached its duty of prudence by failing to prevent plan participants, such as the plaintiff, from purchasing or holding J.C. Penney Corporation, Inc. (“J.C. Penney” or “Company”) stock in their retirement plans once it allegedly became clear that J.C. Penney’s transformation strategy was…