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.
The original complaint alleged Aon Hewitt had caused the loss of $3 million in assets and an increase of $300,000 in liabilities between June and December 2015 by failing "to hedge the plan against interest rate volatility."
According to the complaint, there were $118 million in plan assets as of Jan. 1, 2015, and $124 million in liabilities as of that date.
An Aon spokeswoman, and officials with Foundation Resolution, could not be immediately reached for comment.