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Plan sponsors of corporate 401(k) accounts may be breathing a collective temporary sigh of relief after a U.S. District Court judge in Illinois recently rejected an argument that Abbott Laboratories was partially liable in the case of a former employee who had her retirement funds fraudulently withdrawn.
The recordkeeper or administrator of the 401(k) account – Alight Solutions, LLC – did not fare as well, and a suit against that company from the account participant remains in effect.
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