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District Court Rules That Attorneys and Actuaries Were Not Fiduciaries with Respect to Excise Tax Penalties for Section 412 Plan (PDF)
U.S. District Court for the Northern District of Illinois Link to more items from this source
Sept. 16, 2013

"Plaintiffs have ... done an excellent job alleging that they were poorly represented ... They do not, however, establish that defendants acted as fiduciaries, because plaintiffs have not alleged anything that suggests [the attorneys] controlled whether plaintiffs followed their advice.... [P]laintiffs have [also] adequately alleged that [the actuary] gave them what amounted to bad advice, but that does not make him a fiduciary.... Plaintiffs' allegations make it clear that the decisions remained with the plaintiffs." [Chua v. Shippee, Ashton, et al., No. 13-383 (N.D. Ill. Sept. 10, 2013)]  MORE >>

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