Initially we were disappointed that Vanguard, if hired as administrator and record-keeper to the plan, would not agree to fiduciary status in its contract.
The sole FINRA Arbitrator hearing this matter found Respondent Wachovia liable on the claims of negligence, negligent supervision, fraud and breach of contract (no finding of liability on breach of fiduciary duty).
The ABC process begins when a debtor company signs a contract assigning its assets to a third-party assignee (like Sherwood), which acts as a fiduciary for the company's creditors.