Workers Say Banking Co. Prioritized Own Funds In ERISA Suit

Law360 (January 13, 2021, 11:07 PM EST) -- A proposed class of employees sued Associated Banc-Corp in Wisconsin federal court Wednesday, alleging that the bank holding company violated the federal Employee Retirement Income Security Act by prioritizing underperforming investment vehicles associated with itself for its workers' 401(k) plan.

In a 26-page complaint, the employees criticized their employer for making poor investment decisions that were "overwhelmingly rejected" by other plan managers and accused Associated Bank of acting in its own interest by not removing funds associated with itself from the retirement plan.

"Given the poor track record of Associated Bank's funds and their lack of utilization among fiduciaries of other...

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