Three class actions suits against JPMorgan Chase, alleging that some 300,000 participants in its 401(k) plan were ill-served by plan fiduciaries, have been joined by a New York federal court judge.
The suits allege that the JPMorgan Chase plan’s fiduciaries failed to use their expertise and the plan’s bargaining power to secure lower fees on the investment options in the plan.
The paves the way for the suits’ attorneys to complete a settlement agreement and to submit a motion for its preliminary approval by May 22, according to the National Association of Plan Advisors.
According to the association's website, several other large financial services companies have agreed to settle suits making similar claims, including SunTrust ($29 million), SEI ($6.8 million), MFS ($6.875 million), Eaton Vance ($3.45 million), Franklin Templeton ($4.3 million), BB&T ($24 million), Jackson National ($4.5 million), Deutsche Bank ($21.9 million), Alllianz ($12 million) and TIAA ($5 million).
In other cases, including those involving American Century and CenturyLink, defendants went to court and won, according to NAPA.
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