17,000-Member Class OK'd In Transamerica ERISA Suit

By Adam Lidgett (March 26, 2020, 2:16 PM EDT) -- An Iowa federal judge has certified a class of 17,000 current and former Transamerica Corp. employees in an Employee Retirement Income Security Act suit accusing the financial services company of stuffing its 401(k) plan with underperforming proprietary funds.

U.S. District Judge C.J. Williams on Wednesday granted a bid for class certification in the suit against Transamerica, although the company didn't oppose a class of 401(k) plan participants and beneficiaries who invested in six challenged funds since Dec. 28, 2012.

The judge said common issues pertained to all the class members, such as if the defendants were fiduciaries of the plan and...

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