T. Rowe Price Must Face 401(k) Participants' ERISA Suit

Law360 (August 22, 2018, 6:57 PM EDT) -- T. Rowe Price Group Inc. must face a proposed class action alleging it packed its 401(k) plan with proprietary funds to the detriment of the plan's participants after a Maryland federal judge ruled that all of the Employee Retirement Income Security Act claims in the suit were adequately pled.

U.S. District Judge James K. Bredar denied the asset management company's motion to dismiss Monday, holding that the participants sufficiently alleged T. Rowe Price and its affiliates breached their fiduciary duties and engaged in prohibited transactions under the federal benefits law. The participants had sued T. Rowe Price, its subsidiaries, retirement program...

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