In the wake of the latest decision in the case of Tussey v. ABB, plan fiduciaries overall might be breathing a sigh of relief because ABB got off without being assessed monetary damages.
But that's being a tad optimistic, according to David J. Witz, founder and managing director of Fiduciary Risk Assessment LLC.
In a Fiduciary Matters Blog post, Witz said that ABB "got off on a technicality" after the court found it had breached its fiduciary duty by replacing the Vanguard Wellington Fund in its PRISM Plan with Fidelity Freedom Funds and mapping participants' money over from the former to the latter.
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