Cybertheft Lawsuit: ERISA Fiduciary Breach Claims Dismissed Against Plan Sponsor but Move Forward Against Recordkeeper
By EsqSocial Corporation 16/10/20
On October 2, 2020, the Northern District of Illinois ruled on motions to dismiss in a closely-watched cybertheft lawsuit arising out of the theft of $245,000 from a participant’s account in the Abbott Laboratories Stock Retirement Plan (the “Plan”). The plaintiff alleged that the plan sponsor Abbott Laboratories (“Abbott Labs”), an Abbott Labs officer who served as the Plan’s named fiduciary and administrator (“Administrator”), and the Plan’s recordkeeper Alight Solutions, LLC (“Alight”)...
By: Groom Law Group, Chartered