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Amgen Inc. V. Steve Harris

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In the case of Amgen Inc., Et Al. V. Steve Harris, Et Al., the employee were assigned to two different pension plans. Each plan consisted of the utilization of holdings in the Amgen Common Stock Fund which held a majority of only Amgen common stock. A group of employees pursued a class action lawsuit against the company referencing the Employee Retirement Income Security Act (ERISA) because the stock plummeted causing the loss of funds. The group of employees argued that the Amgen Inc. breached their fiduciary duties under ERISA by allowing the participants to purchase and hold Amgen stock while knowing its price was artificially inflated. While the Amgen Inc. decline all notions and allegations the district court granted the Amgen’s Inc. a

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