Breaking News5th Circuit Court of Appeals kills fiduciary rule


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The importance of understanding and upholding fiduciary duties is more critical than ever as recently demonstrated by the Tussey v. ABB, Inc. verdict. A judgment against ABB and its record keeper, administrator and (through its affiliate) investment manager Fidelity awarded $37 million to participants in ABB’s two 401(k) plans. Federal district court judge Nanette Laughrey found that the plan’s fiduciaries failed to: observe increasing plan assets and renegotiate fees; calculate the fees paid to Fidelity, and listen to a hired third-party consultant when he pointed out the excessive plan fees.


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