Drug Developer Accused Of Botching 401(k) Plan Management

Law360 (April 16, 2020, 2:26 PM EDT) -- A group of Pharmaceutical Product Development 401(k) plan participants have accused the drug development company of costing workers millions of dollars in retirement savings by saddling the plan with high-cost investment choices and not properly reviewing its investment lineup.

In a proposed class action filed in North Carolina federal court Wednesday, Pharmaceutical Product Development LLC Retirement Savings Plan participants Karl Kendall, Vincenzo Pernice and Suzanne Rainey claimed that PPD, its board of directors and a benefits administrative committee flouted the Employee Retirement Income Security Act.

Even though “the plan had at least half a billion in assets” from mid-April 2014, which...

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