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Tussey v. ABB Affirmed, Reversed and Vacated in Part by Eighth Circuit
FRA PlanTools Link to more items from this source
Mar. 19, 2014
"The court affirmed the trial court's decision that the 401(k) plans sponsored by ABB paid excessive recordkeeping fees and that this was a breach of ERISA's fiduciary duties. The court rejected application of cases like Hecker v. Deere, and instead found that based on the facts and circumstances present and the testimony of plaintiffs' expert, that the recordkeeping fees were excessive. The court also rejected the argument by defendants that the plaintiffs were simply attacking bundled services and the use of revenue sharing.... Finally, the 8th Circuit found that despite the district court's failure to use an abuse of discretion standard, this was harmless error as the facts were so overwhelming in favor of finding a breach. " [Tussey v. ABB, Inc., No. 12-2056 (8th Cir. Mar. 19, 2014)]

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