7th Circuit Certifies ERISA Breach of Fiduciary Duty Class in Defined-Contribution Plan

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This week we take a look at the recent Seventh Circuit decision in Abbott v. Lockheed Martin Corp., in which the court order the certification of a class action based upon breach of fidcuiary duty under ERISA for a defined-contribution plan. The decision finally answered the question left open by Spano v. Boeing Co.: when can a defined-contribution plan ERISA class action be brought?

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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