By Kellie Mejdrich (December 21, 2021, 6:47 PM EST) -- A Massachusetts federal judge has refused to dismiss a proposed class action accusing Natixis Investment Managers LP of violating federal benefits law by saddling its $440 million 401(k) plan with excessive fees and underperforming mutual funds.
U.S. District Judge Leo T. Sorokin's order Monday said that plaintiffs led by former plan participant Brian Waldner had sufficiently pleaded their case against the French corporate and investment bank and "dismissal is not warranted at this time." Judge Sorokin said Waldner had made a plausible claim that Natixis "selected and managed the funds in the plan with imprudence and disloyalty" in violation of federal law. ...
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