Aon Beats Massive Lowe's Workers ERISA Suit At Bench Trial
By Dave Simpson (October 13, 2021, 10:08 PM EDT) -- A North Carolina federal judge issued a bench trial decision Wednesday ending claims by a certified class of about 250,000 current and former Lowe's employees that Aon Hewitt mismanaged their 401(k) by directing funds to its own financial products, finding the consultant didn't breach its fiduciary duty or violate ERISA.
U.S. District Judge Kenneth Bell rejected Lowe's employee Benjamin Reetz's claims that Aon violated the Employee Retirement Income Security Act by orchestrating a scheme to upsell Lowe's on Aon's services and its own Aon Hewitt Growth Fund, with which it allegedly stuck even as the fund's performance continued to lag.
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