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The Importance of a 'Deliberative Process': Plan Fiduciaries Found Liable for Breach of Fiduciary Duty in Important Revenue-Sharing Case
Dorsey & Whitney LLP [Guidance Overview] Apr. 4, 2012 "The Court in [Tussey v. ABB Inc. (W.D. Mo. Mar. 31, 2012)] explained that while the methods the fiduciaries used were not per se breaches of any fiduciary duty, the fiduciaries' failure to conduct basic research and follow the plan's own Investment Policy Statement -- coupled with their failure to make decisions based solely on the merits of the investments -- resulted in a breach of fiduciary duty.... As is often true in ERISA fiduciary litigation, the decision is less about the propriety of any particular action in the abstract (e.g., the use of revenue sharing to pay for plan fees and costs), and more about the importance of using careful process and investigation, with an eye towards the best interests of the plan and its participants." |
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