Participants in the Land O’Lakes defined-contribution retirement plan have settled with the company and its plan directors for $1.8 million over charges that the plan didn't use a prudent process to select investment options.
In the lawsuit filed in 2020, participants also alleged the plan failed to properly monitor record-keeping fees and didn’t use the plan’s asset size as leverage to negotiate lower fees. The company denied any liability or wrongdoing.
The $1.8 million will be allocated to participants on a pro rata basis in exchange for releases and dismissal of the action. The plan’s fiduciaries also will be required to conduct a request for proposal relating to the plan’s record-keeping and administrative services.
The case, Parmer et al. v. Land O' Lakes Inc., was brought in U.S. District Court in Minnesota. The plaintiffs were represented by Capozzi Adler.
[More: SCOTUS vacates Northwestern rulings]
A private partnership, Edward Jones is a giant in the retail brokerage industry with more than 20,000 financial advisors.
Meanwhile, Raymond James and Tritonpoint Partners separately welcomed father-son teams, including a breakaway from UBS in Missouri.
Paul Atkins has asked staff to solicit public comment on novel ETFs, pausing the clock on as many as 24 filings linked to the booming event contracts market.
From 401(k)s to retail funds, Deloitte sees private equity and credit crossing into mainstream investing on two fronts at once.
Big-name defections from Morgan Stanley, UBS, and Merrill Lynch headline a busy two weeks of recruiting for the wirehouse.
Wellington explores how multi strategy hedge funds may enhance diversification
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
