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Winston R. Anderson, et al. v. Intel Corporation Investment Policy Committee, et al.
Paid petition · United States Court of Appeals for the Ninth Circuit, No. 22-16268 · judgment May 22, 2025
Before the decision, roughly the 4.1% base rate. The model weighted this up for counsel who has won certiorari before and a Ninth Circuit decision below, and down for a business respondent.
Question presented
Under the Employee Retirement Income Security Act of 1974 (ERISA), a plan fiduciary is subject to a "[p]rudent man standard of care," which requires the fiduciary to "discharge his duties with respect to a plan" with the "care, skill, prudence, and diligence" that a prudent person "acting in a like capacity and familiar with such matters would use." 29 U.S.C. § 1104(a) (1)). As this Court has recognized, a court's inquiry into whether a plaintiff has adequately alleged that a fiduciary breached ERISA's duty of prudence "will necessarily be context specific" because the content of that duty "turns on 'the circumstances ... prevailing' at the time the fiduciary acts." Fifth Third Bancorp. v. Dudenhoeffer, 573 U.S. 409, 425 (2014) (quoting 29 U.S.C. § 1104(a)(1)(B)). As a result, "categorical" pleading rules are "inconsistent with the context-specific inquiry that ERISA requires." Hughes v. Nw. Univ., 595 U.S.170, 173 (2022). The question presented is: Whether, for claims predicated on fund underperformance, pleading that an ERISA fiduciary failed to use the requisite "care, skill, prudence, or diligence" under the circumstances and thus breached ERISA's duty of prudence when investing plan assets requires alleging a "meaningful benchmark."
Counsel of record
For petitioner
Matthew W.H. Wessler
Gupta Wessler LLP
For respondent
Lisa S. Blatt
Williams & Connolly LLP
Case
Conference history
Distributed for 2 conferences
Amicus briefs
11 merits
(5 supporting pet./neither, 6 respondent)
Linked docket
25A146
Proceedings
- Aug 17 2026Motion of the Solicitor General for leave to participate in oral argument as amicus curiae and for divided argument GRANTED.
- Aug 12 2026CIRCULATED
- Aug 10 2026Record requested from the United States Court of Appeals for the Ninth Circuit.
- Aug 10 2026Record received from the United States Court of Appeals for the Ninth Circuit. The record is electronic and is available on PACER.
- Aug 04 2026SET FOR ARGUMENT on Tuesday, October 6, 2026.
- Aug 03 2026Reply of petitioners Winston R. Anderson, et al. filed.
- Jul 09 2026Brief amicus curiae of United States filed.
- Jul 09 2026Brief amici curiae of The American Investment Council, et al. filed.
- Jul 09 2026Brief amici curiae of Chamber of Commerce of the United States of America, et al. filed.
- Jul 09 2026Brief amicus curiae of Investment Company Institute filed.
- Jul 09 2026Brief amicus curiae of American Benefits Council filed.
- Jul 09 2026Brief amicus curiae of The National Association of Manufacturers filed.
- Jul 09 2026Motion of the Solicitor General for leave to participate in oral argument as amicus curiae and for divided argument filed.
- Jul 02 2026Brief of Intel Corporation Investment Policy Committee, et al. not accepted for filing. (To be corrected - July 09, 2026)
- Jul 02 2026Brief of respondents Intel Corporation Investment Policy Committee, et al. filed. (corrected - July 10, 2026).
- Apr 30 2026Brief amici curiae of Americans for Financial Reform, et al. filed.
- Apr 30 2026Brief amici curiae of Investment Law Scholars filed.
- Apr 30 2026Brief amici curiae of Phyllis C. Borzi, et al. filed.
- Apr 29 2026Brief amicus curiae of American Association for Justice filed.
- Apr 27 2026Brief amici curiae of AARP, et al. filed.
- Apr 23 2026Joint appendix filed. (Statement of costs filed)
- Apr 23 2026Brief of petitioners Winston R. Anderson, et al. filed.
- Apr 09 2026Motion to further extend the time for filing the briefs on the merits granted. The time to file the joint appendix and petitioners' brief on the merits is further extended to and including April 23, 2026. The time to file respondents' brief on the merits is further extended to and including July 2, 2026.
- Apr 06 2026Motion for a further extension of time to file the briefs on the merits filed.
- Feb 05 2026Motion to extend the time to file the briefs on the merits granted. The time to file the joint appendix and petitioners' brief on the merits is extended to and including April 13, 2026. The time to file respondents' brief on the merits is extended to and including June 22, 2026.
- Jan 30 2026Motion for an extension of time to file the briefs on the merits filed.
- Jan 16 2026Petition GRANTED.
- Jan 12 2026DISTRIBUTED for Conference of 1/16/2026.
- Dec 23 2025DISTRIBUTED for Conference of 1/9/2026.
- Dec 23 2025Reply of petitioners Winston R. Anderson, et al. filed. (Distributed)
- Dec 09 2025Brief of respondents Intel Corporation Investment Policy Committee, et al. in opposition filed.
- Oct 29 2025Motion to extend the time to file a response is granted and the time is extended to and including December 12, 2025.
- Oct 27 2025Motion to extend the time to file a response from November 21, 2025 to December 12, 2025, submitted to The Clerk.
- Oct 20 2025Petition for a writ of certiorari filed. (Response due November 21, 2025)
- Aug 07 2025Application (25A146) granted by Justice Kagan extending the time to file until October 19, 2025.
- Aug 01 2025Application (25A146) to extend the time to file a petition for a writ of certiorari from August 20, 2025 to October 19, 2025, submitted to Justice Kagan.