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.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.