Law360: 4th Circ. Backs Aon’s Win In Lowe’s Workers’ ERISA Suit
July 17, 2023
The Fourth Circuit affirmed a trial court’s decision to dismiss a class action alleging that Aon Hewitt mismanaged Lowe’s employees’ retirement funds by putting US$1 billion in its own financial products. Benjamin Reetz, a former Lowe’s employee, filed the suit in 2018 accusing Aon of violating the Employee Retirement Income Security Act. “Aon had an interest in Lowe’s adopting a streamlined menu,” US Circuit Judge Julius N. Richardson wrote. “The problem for Reetz is he must also show that Aon acted on that interest — that is, it failed to act as if it were free of any conflict. And, to the contrary, the district court found — in a factual finding to which we give deference — that Aon did not act disloyally.” Aon is represented by Brian D. Boyle, Stuart M. Sarnoff, Laura Aronsson, Jonathan D. Hacker, Shannon M. Barrett, and Deanna M. Rice of O’Melveny & Myers LLP.
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