Schlichter Bogard Reaches Preliminary Settlement on Behalf of Centerra Group 401(k) Plan Participants

As reported by Law360, Schlichter Bogard has reached a preliminary agreement to settle an ERISA class action lawsuit brought on behalf of a certified class of participants in Centerra Group’s 401(k) plan.

The lawsuit, filed by Schlichter Bogard on behalf of plan participants in December 2020, alleges that the Defendants breached their fiduciary duties by replacing established investment funds with untested, proprietary Aon collective investment trusts (“CITs”) that paid fees to the plan’s investment manager and resulted in substantial performance losses for plan participants.

For more information about Schlichter Bogard’s retirement practice, please contact us at 800-USE-LAWS (873-5297) or via email at contact@uselaws.com.