Principal Faces ERISA Suit Over 'Excessive' Fees

Law360, San Francisco (March 18, 2014, 7:24 PM EDT) -- Principal Life Insurance Company on Tuesday was hit with a putative class action in Iowa federal court accusing the retirement plan administrator of violating the Employee Retirement Income Security Act and breaching contracts by charging excessive fees to defined-contribution retirement plans.

McCaffree Financial Corp., which administers an in-house employee retirement program and is party to a Principal group annuity contract, accused Principal of breaching ERISA's duties of loyalty and prudence and of conducting transactions barred by the act. Principal allegedly structured some of its retirement investments...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

McCaffree Financial Corp. v. Principal Life Insurance Company


Case Number

4:14-cv-00102

Court

Iowa Southern

Nature of Suit

Labor: E.R.I.S.A.

Judge

Stephanie M. Rose

Date Filed

March 18, 2014

Law Firms

Companies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.