Jamesian Philosophy Refreshed

As I noted in yesterday's entry, the U.S. Supreme Court this week declined to hear an appeal from State Street Bank & Trust after the 6th Circuit Court of Appeals gave the go-ahead to litigation against it brought by former (pre-bankruptcy) employees of General Motors. State Street had tried to get this case squashed on a motion to dismiss for failure to state a claim on which relief can be granted (the old-fashioned term for that was a demurrer).  SCOTUS' non-decision decision means that it has failed in that effort. State Street's claim had been that ERISA shielded it from immunity. Other fiduciaries in similar situations may continue to make such claims (outside of the 6th Circuit), because SCOTUS' s refusal to take an appeal has no precedential significance.  Still, the 6th Circuit, which consists of the federal districts within Tennessee, Kentucky, Ohio, and Michigan, ain't peanuts, and the 6th Circuits decision is sure to be cited elsewhere. This m...

A bit of fascinating news this week was mostly overlooked. The U.S. Supreme Court, on Monday, December 3, declined to hear an appeal from State Street Bank & Trust after the 6th Circuit Court of Appeals had given the go-ahead to litigation against it. So, without having to do the work of listening to arguments or  reading briefs and writing an opinion -- all that tiresome stuff -- the high court has determined this lawsuit will proceed. The underlying lawsuit is a big enough deal to make that nod a big deal as well. Here's a link to the 6th Circuit decision which, we now know, stands. Before the fateful year 2008, auto giant General Motors offered its employees 401(k) plans with a variety of investment options, including mutual funds, non-mutual fund investments, and the General Motors Common Stock Fund itself. The later option was intended to enable both salaried and hourly employees to acquire an equity interest in their employer. Defendant State St...