Class Action Says Union Central Runs Pay-To-Play Deals

Law360, Chicago (March 5, 2012, 4:19 PM EST) -- Butler National Corp. and C3 Capital LLC launched a putative class action against The Union Central Life Insurance Co. in Ohio on Thursday alleging the company's revenue sharing agreements with mutual funds constitute kickback, pay-to-play deals that harm retirement plan customers.

The plaintiffs claim Union Central, which services their employee 401(k) plans, receives payments from mutual funds, investment advisors and others in exchange for providing them with access to its retirement plan customers, in violation of the Employee Retirement Income Security Act's prohibited transaction and fiduciary...
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