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.
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