Additional Thoughts on Tussey v. ABB: Fiduciary Lessons Aplenty
The district court's latest decision in Tussey v. ABB found ABB breached their fiduciary duties. The moral victory for plaintiffs can prove instructive for other fiduciaries.
David Witz1 min read62 wordsThe district court’s latest decision in Tussey v. ABB found ABB breached their fiduciary duties but imposed no monetary damages on a procedural technicality.
Six Basic Obligations
- Engage in an objective, thorough and analytical search
- Avoid self-dealing and conflicts of interest
- Consider the risk versus alternatives
- Consider ALL costs in relationship to services
- Ensure the investment is diversified
- Consult with experts when expertise is lacking
