More Allstate Workers Lob ERISA Claims Over Fund Lineup
Law360 (January 5, 2021, 8:08 PM EST) -- A second group of Allstate employees sued the insurer Monday looking to recoup tens of millions of dollars they claim they've lost because the company failed to remove underperforming investment funds from its retirement plan.
Former plan participant Mary Ellen Morgan's proposed class action alleges Allstate Corp. breached its fiduciary duties to more than 44,000 participants and beneficiaries by refusing to remove a group of poorly performing target date funds from its retirement plan despite their "abysmal investment performance" dating back a decade.
The suit says Allstate's conduct, which also includes saddling plan participants with excessive fees, violated the Employee Retirement...
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