The 8th Circuit Court of Appeals has upheld a lowercourt ruling dismissing an excessive-fee claim against ThePrincipal Financial Group, which served as recordkeeper to the401(k) plan sponsored by McCaffreeFinancial Corp.
Participants in McCaffree’s 401(k)plan alleged The Principal charged excessive fees by puttingparticipants in separate accounts that included Principal’sproprietary mutual funds.
That resulted in plan participants paying “grossly excessiveinvestment management and other fees” that amounted to a breach ofthe fiduciary duties of loyalty and prudence under the EmployeeRetirement Income Security Act, according to the originalcomplaint.
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.
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.
