No. 18-1165 In the Supreme Court of the United States RETIREMENT PLANS COMMITTEE OF IBM et al., Petitioners, v. LARRY W. JANDER et al., Respondents. On Writ of Certiorari to the United States Court of Appeals for the Second Circuit BRIEF OF THE SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION, THE CHAMBER OF COMMERCE OF THE UNITED STATES OF AMERICA, AND THE BUSINESS ROUNDTABLE AS AMICI CURIAE IN SUPPORT OF PETITIONERS NANCY G. ROSS NICOLE A. SAHARSKY Mayer Brown LLP BRIAN D. NETTER 71 South Wacker Drive Counsel of Record Chicago, Illinois 60606 MATTHEW A. WARING (312) 782-0600 Mayer Brown LLP 1999 K Street, NW Washington, DC 20006 (202) 263-3000
[email protected] Counsel for Amici Curiae Additional counsel listed on inside cover Continued from front cover KEVIN M. CARROLL Securities Industry and Financial Markets Association 1101 New York Avenue, NW Washington, DC 20005 Counsel for the Securities Industry and Financial Markets Association DARYL JOSEFFER JANET GALERIA U.S. Chamber Litigation Center 1615 H Street, NW Washington, DC 20062 Counsel for the Chamber of Commerce of the United States of America LIZ DOUGHERTY Business Roundtable 300 New Jersey Avenue, NW, Ste. 800 Washington, DC 20001 Counsel for the Business Roundtable i TABLE OF CONTENTS Page TABLE OF AUTHORITIES ....................................... ii INTEREST OF THE AMICI CURIAE ....................... 1 INTRODUCTION AND SUMMARY OF ARGUMENT ............................................................... 2 ARGUMENT ............................................................... 7 Respondents’ Complaint Fails To State A Plausible Claim For Breach Of The Duty Of Prudence ...................................................................... 7 A. The Second Circuit’s Decision Will Encourage Meritless Stock-Drop Lawsuits Against ESOPs ....................................................... 7 B. This Court Should Reverse The Second Circuit’s Decision And Provide Additional Guidance For Evaluating Stock-Drop Complaints ..........................................................