Benefits & Executive Compensation News

Case: Retirement Plans/Fiduciary Duties (N.D. Ill.)

Jan. 12, 2021, 11:24 PM

A putative class action breach of fiduciary duty claim stemming from allegedly untimely notice of a retirement investment termination clears a motion to dismiss, the U.S. District Court for the Northern District of Illinois held. Defendant Coriant Operations, Inc. allegedly knew that plan beneficiaries’ inability to timely liquidate their investments would result in their receiving the market value of their investments instead of the higher book value. The failure to provide timely notice allegedly affected the material interests of the named plaintiff because it resulted in his receiving the lower value of his investment. The plaintiff sufficiently stated a claim,...

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