One is cutting headcount and telling employees that the workforce will shrink. The other is investing in skills, certifications and manager training while insisting that its future is "people-led, tech-powered."

The defendants used "unfair, deceptive and unlawful" business practices to conduct a text message campaign last year against proposed legislation that would regulate PBMs, one lawsuit alleged.

Stifel failed to remove two poorly performing funds from the plan, according to the complaint, which was filed on behalf of more than 10,000 participants.

Clients said the firm committed breach of contract and fiduciary duty in connection with their investments.