Schlichter Bogard & Denton Sues Centerra on Behalf of Participants in its $350 Million 401(k) Plan
Schlichter Bogard & Denton has filed suit against Centerra Group, LLC (“Centerra”) – a subsidiary of Constellis – and Aon Hewitt Investment Consulting, Inc. (“Aon”) on behalf of participants in the $350 million Centerra Group, LLC 401(k) plan, now called the Constellis 401(k) Plan.
The lawsuit alleges, among other things, that the Defendants breached their fiduciary duty under ERISA 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.
Also at issue is Centerra’s alleged failure to monitor administrative costs, causing Plaintiffs to pay excessive recordkeeping fees.
We are proud to be pioneers in 401(k) and 403(b) litigation. Read about several other high-impact cases handled by Schlichter Bogard & Denton here.