Broadridge Unit Stole Millions From ERISA Plans, Suit Says

Law360 (July 21, 2020, 8:53 PM EDT) -- A subsidiary of financial technology company Broadridge Financial Solutions has been hit with a putative class action in Texas federal court alleging it siphoned hundreds of millions of dollars away from retirement accounts it managed.

Minnesota energy management company MBA Engineering and its president, Craig Meidinger, accused retirement plan custodian Matrix Trust Co. on Monday of unlawfully pocketing fees and interest on its $126 billion in pooled investments without the knowledge or approval of its 60,000-plus customers over an unspecified amount of time.

The suit alleges that Matrix shirked requirements under the Employee Retirement Income Security Act of 1974 that it...

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