American Century Prevails In ERISA Class Action

Law360 (January 24, 2019, 5:19 PM EST) -- American Century has defeated a class action that accused the investment management firm of violating the Employee Retirement Income Security Act by steering workers' retirement savings into its own funds. 

In a ruling that follows a September bench trial, U.S. District Judge Greg Kays on Wednesday sided with American Century and the American Century Retirement Plan Retirement Committee on the remaining claims in a suit that alleged the company tried to maximize profits at the expense of retirement plan participants.

The judge noted that while the plaintiffs have stressed that only American Century funds were considered for the plan, it’s not...

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