Fiduciaries on Intel Corp.’s investment policy committee arebeing sued in United States District Court for the NorthernDistrict of California for directing hundreds of millions ofparticipant 401(k) assets to hedge fund and private equityinvestments in the company’s customer target-date fund.
The suit also alleges participants in the company’s customizedGlobal Diversified Fund were exposed to asset allocation modelsthat “departed dramatically from prevailing standards employed byprofessional investment managers and plan fiduciaries,” accordingto court documents.
That Global Diversified Fund was the sole investment option tothe “overwhelming majority” of participants in the plan, the claimalleges.
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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.
