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...
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