X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

The American Lawyer Industry Awards 2019Event

Honoring outstanding legal achievements focused at the national level, largely around Big Law and in-house departments.
Get More Information

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.