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Eighth Circuit Weighs in on Excessive Fee Claims
Goodwin Procter Link to more items from this source
Mar. 20, 2014
"The court agreed with the Provider's argument that, based on basic principles of property rights, float is not a plan asset. With respect to Plan contributions, the court held that the Plan was credited with ownership of shares of the investment options on the day the contributions were received, and thereafter the Plan no longer had an ownership interest in the funds used to purchase those shares. With respect to redemptions from the Plan investment options, the court found that participants adduced no evidence that the Plan owned the funds in the redemption account." [Tussey v. ABB, Inc., No. 12-2056 (8th Cir. Mar. 19, 2014)]

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