The plaintiffs’ bar is deploying a litigation strategy specificto asset managers who offer proprietary investments to their ownemployees, according to one law firm.
Large, and in most cases, household name money managers face aunique reputation risk when their 401(k) plans are sued foroffering their own investments, says Brian Netter, co-chair of theERISA litigation practice at Mayer Brown.
In nearly two-dozen lawsuits targeting money managers offeringtheir own products to their own employees, plaintiffs allege theproprietary investments amount to self-dealing, and fail theEmployee Retirement Income Security Act’s fiduciary duty ofloyalty.
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