Banking Co. Says Proprietary Fund Argument Is Too Extreme

By Emily Brill (June 18, 2021, 8:33 PM EDT) -- Associated Banc-Corp is fighting allegations that it flouted ERISA by letting its workers invest retirement savings in underperforming company-affiliated funds, urging a Wisconsin federal judge to reject what the company characterized as an ill-advised crusade against financial institutions placing any affiliated funds in their retirement plans.

In a brief filed Thursday, the Green Bay, Wisconsin-based banking company urged U.S. District Judge William C. Griesbach to dismiss a proposed Employee Retirement Income Security Act class action filed in January challenging Associated Banc-Corp's 401(k) plan investments.

The company argued that its workers simultaneously took too aggressive and too broad of a stance in their...

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