Nationwide Accused Of Cheating 401(k) Plan Out Of $142M

Law360 (March 25, 2020, 4:21 PM EDT) -- Nationwide 401(k) plan participants are accusing the insurer of enriching itself at workers' expense by setting a meager interest rate for one of the plan's investment options, claiming in a proposed class action that workers lost more than $142 million as a result.

Nationwide Savings Plan participants Inger Bautista, Robert Burcina and Ralph Edwards sued Nationwide Mutual Insurance Co. in Ohio federal court on Tuesday, claiming the company breached its fiduciary duties under the Employee Retirement Income Security Act.

The participants claim that Nationwide botched how it negotiated the terms of the plan's guaranteed investment fund and argue that those actions...

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