The U.S. subsidiary of Dutch insurance giant Aegon has been sued by a participant in its 401(k) over claims she and other employees paid $40 million in excessive fees.
The plaintiff, identified as Georgia resident Lequita Dennard, is seeking class-action certification in the suit, which was filed last week in Los Angeles federal court. The defendants named include Aegon USA and another Aegon subsidiary, Transamerica Retirement Solutions, among others.
A spokesman for Aegon dismissed the allegations.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
