A split federal Appeals Court has sided with an investment consultant for Lowe’s Home Improvement in a lawsuit filed by employees linked to the company’s retirement plan. The 2-1 ruling from the 4th U.S. Circuit Court of Appeals upholds a lower court decision.
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.
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Massive Lowe s, Aon ERISA Class Action Heads Toward Trial
Law360 (February 12, 2021, 7:30 PM EST) A North Carolina federal judge on Friday shot down dueling summary bids for victory from Lowe s, Aon Hewitt and a group of around 250,000 current and former Lowe s employees in a 401(k) mismanagement class action, saying a jury needed to weigh the facts of the case.
U.S. District Judge Kenneth Bell said none of the parties were due a win in former Lowe s employee Benjamin Reetz s suit, which accused Lowe s Cos. Inc. and Aon Hewitt Investment Consulting Inc. of flouting their Employee Retirement Income Security Act duties. The class was certified in November.