Article
Former Workers File 401(k) TDF Suit Against American Express
Former American Express employees have filed a class action lawsuit alleging the company maintained underperforming investment funds in its $9 billion 401(k) plan, including proprietary target-date funds that served as default options. The plaintiffs claim these investment decisions breached fiduciary duties under ERISA and cost participants hundreds of millions in potential retirement savings, while potentially benefiting Amex's business relationship with Morgan Stanley Investment Management.
Hall Benefits Law