Two former employees of Pimco are suing the fund-giant’s owner, Allianz Asset Management of America, and fiduciaries of its 401(k) Savings and Retirement Plan, claiming they breached their duties of loyalty and prudence under the Employee Retirement Income Security Act.
The plaintiffs allege plan fiduciaries “loaded” the savings plan with proprietary funds from the Allianz family.
That allegedly cost plan participants millions of dollars in excessive fees during the statutory period of the claim, which the claim said begins October 7, 2009. The plan has had between 3,000 and 3,900 participants since then.
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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.
