The United States Department of Labor (“the DOL”) has challenged the dismissal of a 401(k) plan fiduciary breach claim on two grounds, in an amicus brief filed with the Sixth Circuit Court of Appeals, See Pfeil v. State Street Bank & Trust Co., E. D. Mich. No. 09CV12229; (Brief available here). One argument the DOL is rejecting is a position that affords fiduciaries of 401(k) plans and ESOPs a presumption of reasonableness in stock drop cases. The DOL’s second argument is that under the ERISA Section 404(c) safe harbor, fiduciaries may still be liable for the imprudent selection …