Plan Sponsor's Actions Related To Revenue Sharing Breached Fiduciary Duties

Plan Sponsor's Actions Related To Revenue Sharing Breached Fiduciary Duties

JEFFERSON CITY, Mo. - The sponsor of 401(k) plans breached its fiduciary duties under the Employee Retirement Income Security Act by failing to monitor the record-keeping fees paid by the plans and by failing to negotiate rebates from the investment companies that offered products to the plans' participants, a federal judge in Missouri ruled March 31 (Ronald Tussey, et al. v. ABB, Inc., et al., No. 2:06-CV-04305-NKL, W.D. Mo.; 2012 U.S. Dist. LEXIS 45240).

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