Benefits & Executive Compensation News

ABB Fiduciaries Don’t Owe for Asset ‘Mapping’

July 13, 2015, 4:00 AM

Fiduciaries of the ABB Inc. 401(k) plan don’t owe any damages to plan participants as a result of a breach of fiduciary duty caused by “mapping” plan assets to a target date fund, a federal court in Missouri ruled July 9 (Tussey v. ABB Inc., 2015 BL 219749, W.D. Mo., 2:06-cv-04305-NKL, 7/9/15).

Judge Nanette K. Laughrey of the U.S. District Court for the Western District of Missouri entered judgment in favor of the fiduciaries, finding that the plan participants hadn’t sufficiently proven that the fiduciaries’ actions in the mapping—or substituting one investment option with another—had caused damages...

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