Workers Say Banking Co. Prioritized Own Funds In ERISA Suit
Law360 (January 13, 2021, 11:07 PM EST) -- A proposed class of employees sued Associated Banc-Corp in Wisconsin federal court Wednesday, alleging that the bank holding company violated the federal Employee Retirement Income Security Act by prioritizing underperforming investment vehicles associated with itself for its workers' 401(k) plan.
In a 26-page complaint, the employees criticized their employer for making poor investment decisions that were "overwhelmingly rejected" by other plan managers and accused Associated Bank of acting in its own interest by not removing funds associated with itself from the retirement plan.
"Given the poor track record of Associated Bank's funds and their lack of utilization among fiduciaries of other...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!