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Zamansky LLC Gets Favorable Supreme Court Decision in ERISA Case

January 14, 2020 Blog

Zamansky LLC represents participants in the employee stock ownership plan (“ESOP”) for IBM, and has alleged that IBM improperly concealed the over-valuation of its Microelectronics business for nine months in 2014, ultimately causing harm to investors that the ESOP’s fiduciaries should have prevented. After winning an important victory in this case at the Second Circuit Court of Appeals, IBM appealed to the United States Supreme Court.

At the Supreme Court, we argued that IBM had improperly devoted the first third of its brief “to pressing an argument—that ERISA fiduciaries who are also corporate insiders are not required to use knowledge gained in their corporate capacity in making fiduciary decisions—which Petitioners did not raise before the district or appellate court.” On January 14, 2020, the Supreme Court agreed with us, and refused to entertain IBM’s new arguments. The Supreme Court also decided to send the case back to the Second Circuit—the same court that had previously allowed plaintiff to pursue these claims—where we look forward to continuing to pursue relief on behalf of our clients who lost money because of IBM’s actions.

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Client Reviews

“Jake Zamasky and his colleagues represented me in a FINRA arbitration case against a large multinational bank and succeeded in obtaining an award for the full amount of my investment losses. I would highly recommend the Zamansky firm for their experience in securities litigation, their level of detailed research and case preparation, and their ability to effectively fight for what’s right.”

Richard R.

“Throughout my entire case, Jake Zamansky was incredibly responsive and spent time walking me through each step of the process. He is professional and worked with my challenging schedule, even meeting with me nights and on weekends. He knew exactly which turn to take when it came to my case and yet was respectful of any decisions I wanted to make resulting in a positive outcome.”

Donald A.

“Jake Zamansky and his firm represented me in a FINRA arbitration case to recover investment losses. Jake and his team were very professional and worked very hard preparing for trial and then reaching a substantial settlement of our case. I would highly recommend them.”

William E.

“Jake Zamansky represented me in a FINRA arbitration case which allowed me to recover a substantial portion of investment losses. He is truly an expert in this space and I would highly recommend him to those investors who may have been been a victim of investment fraud.”

Chris K.

“Jake and his team did a great job communicating with me throughout the process of my lawsuit. I would recommend him to anyone looking to sue UBS for unethical practices.”

Mike A.
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