April 22, 2013 — A federal appellate court has found in favor of American United Life Insurance Company (AUL) in a lawsuit challenging its revenue-sharing practices.
The 7th U.S. Circuit Court of Appeals agreed with a District Court that granted AUL’s motion for summary judgment, concluding that AUL did not owe any fiduciary responsibility to the Leimkuehler Inc. Profit Sharing Plan with respect to its revenue-sharing practices. The appellate court said AUL is not acting as a “functional fiduciary” when it makes decisions about, or engages in, revenue-sharing.
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