Former participants in a 401(k) plan offered by Aegis Media Americas, a large advertising and communications company, have filed a suit against the company and its plan’s fiduciaries.
The complaint, which is seeking class-action status for the period running from May 8, 2014 through Dec. 31, 2018, charges that the plan violated ERISA rules by not providing the lowest-price share classes and failing to "objectively and adequately" review the plan's investment menu.
While the complainants concede that the plan made changes in 2018 to some of the investment options that are the subject of the lawsuit, they contend that the changes did not go far enough to correct the damage participants suffered.
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"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
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