Litigation and Alternative Dispute Resolution

Retirement Plans’ Fiduciaries Are Found Liable to Plans for $36.9 Million: Tussey v. ABB, Inc.

By: Mark S. Thomas & Robert W. Shaw
Williams Mullen (North Carolina and Virginia, USA)

In Tussey v. ABB, Inc., No. 2:06-cv-04305 (Western District of Missouri, March 31, 2012), a class action case brought by present and former employees of ABB, Inc.

, the U. S. District Court for the Western District of Missouri ruled that plan fiduciaries were liable for several breaches of fiduciary duty and ordered the respective defendants to pay a total of $36.9 million to compensate for losses to the plans.  The court’s detailed order throws a bright light on several instances of plan mismanagement that could be valuable guideposts for other plan administrators, both as to important administrative measures to take and certain actions to avoid. Click here to read entire article.

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