Prudential Accused Of Pricey Retirement Plan Investments

Law360 (November 6, 2019, 3:41 PM EST) -- Prudential Insurance Co. of America was hit Tuesday with a proposed class action alleging it is crushing its employees with overpriced retirement plan investments offered by the insurer’s own affiliates and fails to even monitor their performance.

In a complaint filed in New Jersey federal court, Young Cho accused Prudential and the administrators of its 401K plan of violating the Employee Retirement Income Security Act by failing to act solely in the interests of the plan and its participants. The alleged conduct reaped millions for Prudential, but cost plan participants excessive fees for underperforming mutual funds, Cho said.

“The [administrative and...

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