Schlichter Bogard & Denton Sues Liberty Mutual on Behalf of Participants in its $7 billion 401(K) Plan
On April 10, Schlichter Bogard & Denton filed an ERISA class action lawsuit against Liberty Mutual Group on behalf of participants in its $7 billion, 50,000+ participant 401(k) plan.
Filed in U.S. District Court in Boston, the suit alleges that the insurance giant and its plan’s administrators “allowed unreasonable expenses to be charged to participants for administration of the plan and for managed account services, and retained poorly performing investments that similarly situated fiduciaries removed from their plans” – actions which caused plan participants to suffer significant financial losses, including nearly $33 million in losses since April 2014 that could have been avoided had fiduciaries opted for “a passively managed fund in the same asset class with lower fees and a superior performance history.”
“We look forward to bringing out the facts at trial, which show Liberty Mutual employees and retirees should receive compensation for their substantial losses,” Schlichter Bogard & Denton Senior Partner Jerry Schlichter told Pensions & Investments.
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