Transamerica Can't Use Settlement To Slip New 401(k) Suit

Law360 (August 21, 2019, 6:19 PM EDT) -- An Iowa federal judge has denied Transamerica Corp.'s attempt to shed a proposed class action surrounding allegations that it stuffed underperforming proprietary funds in its 401(k) plan, saying a previous settlement in an excessive fee suit doesn't bar the new claims.

U.S. District Judge C. J. Williams on Tuesday denied an attempt by Transamerica and the trustees of the Aegon USA, LLC Profit Sharing Plan to dismiss a proposed class of roughly 17,000 participants in Transamerica's 401(k) plan. Because a $3.8 million settlement reached in 2016 involved claims over different conduct, the employees can proceed with the new Employee Retirement Income Security Act claims, the...

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