District Court says Aon ‘acted prudently,’ rules in firm’s favor in fiduciary suit
Bloomberg
A U.S. District Court judge in Ocala, Fla., ruled in favor of Aon Investments USA in a fiduciary breach lawsuit filed by Foundation Resolution Corp., Inverness, Fla., alleging mismanagement of the company s pension plan termination.
The company, formerly known as the Citrus Memorial Health Foundation, filed the lawsuit in August 2018 alleging the investment consultant, then known as Aon Hewitt Investment Consulting, mismanaged the liability-driven investing process intended to bring the $94 million pension plan to full funded status to allow for termination.
In his April 22 decision, Judge James S. Moody Jr. ruled that Aon acted prudently and reasonable in administrating, investing and terminating the pension plan, a court filing said.
Aon, Alight Win Judgment in Hospital PRT Lawsuit
A federal judge found Aon Hewitt acted prudently, after hearing testimony about the firm’s investment actions and contractual obligations.
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A federal judge has ordered a judgment in favor of Aon Hewitt Investment Consulting and Alight Solutions in a case alleging breaches of Employee Retirement Income Security Act (ERISA) fiduciary duties related to pension risk transfer (PRT) transactions.
Following a bench trial, Judge James S. Moody Jr. of the U.S. District Court for the Middle District of Florida said in his order that the defendants “acted prudently and reasonably in administrating, investing and terminating the pension plan.” In addition, he said Alight Solutions is “entitled to judgment in its favor as a matter of law because the portion of the business it purchased from Hewitt Associates LLC did not perform any portion of the contract with plaintiffs and did not inherit any associated liability.”
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Aon Hewitt Wants Out Of Florida Hospital s ERISA Suit
Law360 (April 16, 2021, 6:07 PM EDT) Aon Hewitt Investment Consulting Inc. urged a Florida federal judge Friday to take a fact-finding role in a case accusing the company of incompetently handling a hospital s retirement plan, saying the hospital hadn t proven any company mismanagement.
The benefits consulting company asked U.S. District Judge James Moody Jr. to grant it judgment on partial findings against Foundation Resolution Corp., which runs Citrus Memorial Hospital in Florida, and the Foundation Resolution Corp. Pension Committee, which administered a pension plan for hospital employees.
Aon s bid would have the court render judgment on the first of the plaintiffs four claims, which said the consultant.
Magistrate Judge Says Aon, Alight Can t Evade PRT Lawsuit plansponsor.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from plansponsor.com Daily Mail and Mail on Sunday newspapers.