Fiduciaries on Intel Corp.’s investment policy committee are being sued in United States District Court for the Northern District of California for directing hundreds of millions of participant 401(k) assets to hedge fund and private equity investments in the company’s customer target-date fund.
The suit also alleges participants in the company’s customized Global Diversified Fund were exposed to asset allocation models that “departed dramatically from prevailing standards employed by professional investment managers and plan fiduciaries,” according to court documents.
That Global Diversified Fund was the sole investment option to the “overwhelming majority” of participants in the plan, the claim alleges.
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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.
