7th Circuit Addresses Class Certification In 401(k) Fiduciary Duty Breach Case

7th Circuit Addresses Class Certification In 401(k) Fiduciary Duty Breach Case

CHICAGO - The Seventh Circuit U.S. Court of Appeals on Aug. 7 reversed a district court's denial of class certification to participants in 401(k) plans on their claims that the plans' fiduciaries breached their duties under the Employee Retirement Income Security Act by investing in a stable-value fund (SVF) that did not result in a rate of return that was sufficient for a retirement asset (Anthony Abbott, et al. v. Lockheed Martin Corporation, et al., No. 12-3736, 7th Cir.; 2013 U.S. App. LEXIS 16376).

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