Abbott v. Lockheed Martin Corp. (Seventh Circuit)

Participants in a 401(k) retirement plan brought an ERISA class action for breach of fiduciary duty against their employer. As to one of their claims, participants alleged that a particular fund had been mismanaged and had caused the plan to lose money. Plaintiffs put forward a damages model showing that, based on the timing of their investments, they had not personally lost money due to the alleged mismanagement. The legal question in the case was whether, in such circumstances, those participants alleged sufficient injury to support their standing to sue under Article III of the United States Constitution. In conflict with several courts of appeals, the Seventh Circuit held that they did. The Supreme Court denied certiorari.