Retirement plan investments
Amgen v. Harris
In brief
The Supreme Court overturned the Ninth Circuit’s ruling and sent the case back to reconsider the complaint; it did not decide whether the managers breached their duty.
- Where it stands
- Decided
Decided 9-0 · January 25, 2016 · Per curiam
- What it’s about
- Amgen employees said their retirement-plan managers breached their duty to manage the plan carefully by keeping an Amgen-stock fund.
- Who it affects
- The employees’ claim remains open in the Ninth Circuit; the Supreme Court did not decide whether the managers breached their duty.
Summary: written with AI from the case record.
What it's about
The Supreme Court overturned the Ninth Circuit’s ruling and sent the case back to assess whether the complaint plausibly alleged that no careful manager could have concluded an alternative would do more harm than good.
The case concerns what the employees needed to allege to pursue a claim that the retirement-plan managers acted imprudently.
Question presented
Did the plaintiffs in this case “plausibly allege” a breach of the duty of prudence?
What the Court decided
Holding
The judgment of the Ninth Circuit is reversed, and the case is remanded for further proceedings consistent with this opinion.
- Result
- Reversed
The Court's reasoning
The Court said the Ninth Circuit erred by not assessing whether the complaint made a plausible claim that the plan managers failed to act carefully.
The vote
What's next
The Ninth Circuit will continue the case under the Supreme Court’s instructions, including assessing whether the complaint plausibly alleged a breach.
Documents
Opinions
Docket activity
New analysis added
AI analysis generated: Case Briefing
AI analysis generated: Decision Record
Case data updated: summary, question_presented, generation_metadata
Case data updated: question_presented, extraction_metadata
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Opinion added: Amgen
Sources
Primary materials plus reporting. Best-effort analysis: this explainer relies on a mix of primary materials and trusted secondary sources. Official filings and opinions remain authoritative.