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Mealey’s Litigation Report: Aon Prevails In 401(k) Suit; Class Settlement With Lowe’s Gets Final ApprovalNovember 05, 2021
A North Carolina federal judge ruled in favor of Aon Hewitt in a class action where the company was accused of breaching their fiduciary duties by moving over US$1 billion in retirement assets to a growth fund. “If a breach had been found, the Court would have found that Lowe’s bears substantial responsibility for any damages suffered by Plan participants,” the judge said. He also noted that Lowe’s and their fiduciary consultant, Gallagher, did not suggest that Aon remove the growth fund. O’Melveny’s Brian Boyle, Shannon M. Barrett, Deanna M. Rice, Stuart M. Sarnoff, and Laura Aronsson represent Aon.
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