Imprudence Claim Survives Dismissal In Suit Over ESOP’s Cash-Equivalent Strategy

( February 21, 2025, 2:29 PM EST) -- PITTSBURGH — A Pennsylvania federal judge on Feb. 20 dismissed a prohibited transaction claim but ruled that an imprudence claim asserted under the Employee Retirement Income Security Act survives in a putative class action filed by former and current employee stock ownership plan (ESOP)participants who say that about 80% of the plan’s funds have been kept in cash equivalents — money market funds and short-term certificates of deposit — since at least 2009....