Abbott Labs Beats Fiduciary Duty Claim Over Pension Fund Theft

Abbott Laboratories escaped a lawsuit alleging it breached fiduciary duties owed to a retiree whose pension funds were stolen out of her plan account because the complaint didn’t allege facts showing that Abbott was a plan fiduciary, a federal court in Illinois said Friday.

But Alight Solutions LLC, the company that administered the plan, will remain in the lawsuit alleging breach of fiduciary duty under the Employee Retirement Income Security Act, the U.S. District Court for the Northern District of Illinois said.

Heide Bartnett retired from Abbott and elected to keep about $360,000 in retirement savings in her plan ...