NFP Counterclaims Rejected in Retirement Fund Mismanagement Suit

Retirement fund trustees suing NFP Corp. for mismanagement and high fees scored a court order dismissing the company’s counterclaims against them.

The sprawling lawsuit was filed in 2020 by trustees of the Northern Illinois Annuity Fund, who said NFP mismanaged the fund in an effort to increase its own profits. NFP and related defendants filed counterclaims against the trustees in 2023, saying they were the ones ultimately responsible for ensuring the plan was prudently managed.

Judge John F. Kness dismissed NFP’s counterclaims for indemnification, contribution, and attorneys’ fees in a March 21 opinion. The company no longer serves as ...