Lowe's Can't Skip Suit Over 401(k) Plan's $1B Investment

Law360 (September 6, 2019, 11:55 AM EDT) -- Lowe’s will have to face the bulk of a suit alleging it ran afoul of the Employee Retirement Income Security Act by investing $1 billion of its 401(k) plan’s assets in a poorly performing fund.

In his order Thursday, U.S. District Judge Kenneth D. Bell agreed with the magistrate judge’s conclusion that the plan’s participants had adequately alleged that Lowe's Cos. Inc. and its administrative committee flouted their fiduciary duties under ERISA when they decided to transfer $1 billion in plan assets to the Hewitt Growth Fund.

The federal district judge denied the retailer’s motion to dismiss the case in nearly...

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