There seems to an endless array of 401(k) plans taken to task for alleged fiduciary breaches—and many find it more economical to settle, rather than taking their case to court. But there are lessons to be learned from one plan that didn’t (settle).
While it’s been noted that it seems likely that proprietary fund suits will continue to emerge, and sure enough here’s another. Most have, sooner or later—and often on the date of trial—settled. There have, however, been exceptions.
A little more than a year ago, the folks at American Century did prevail at trial—providing a powerful rebuttal to many of the allegations that have been widely made in these excessive fee cases—refuting both by testimony and documentation the kind of thoughtful, ongoing, due diligence process that plan fiduciaries are often counseled to undertake.
At the NAPA 401(k) Summit (April 26-28), we’ve got a special panel exploring and explaining the particulars of that American Century case with the Wagner Law Group’s Tom Clark and Diane Gallagher of American Century.
It’s just one more reason you can’t afford to miss… the NAPA 401(k) Summit. Yes, it’s still on. Register at https://napasummit.org.