GE Accused Of Losing $700M In Retirement Plan Investments
Law360, Los Angeles (September 27, 2017, 8:28 PM EDT) -- General Electric Co. took its retirement plan investors' money and parked it in company-run funds even as they continued to perform poorly, according to a proposed class action filed in California federal court Tuesday that says the company violated ERISA and cost workers $700 million in savings.
A group of retirement plan participants led by Kristi Haskins said that GE violated the Employee Retirement Income Security Act when it favored collecting fees for investments in GE-branded funds instead of performing its fiduciary duty to wisely manage the money participants were kicking into the retirement investment, according to the suit in Southern...
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