Schlichter Bogard Files Lawsuit Against Empower on Behalf of Retirement Plan Participants

As reported in several media outlets Schlichter Bogard has filed suit against Empower Advisory Group and its affiliates. The proposed class includes thousands of people across the country who are alleged to have been the targets of a highly misleading scheme to extract money from retirement plan participants.

The complaint alleges that the defendants violated the Employee Retirement Income Security Act (ERISA) by, among other things,  abusing their position as retirement plan recordkeeper to harvest the private, highly confidential information of retirement plan participants. The complaint alleges that Empower then used that information to target and convince retirement plan participants to transfer money from their employer-sponsored retirement plans into Empower’s high-fee laden managed account program. Defendants also concealed substantial financial incentives and conflicts when recommending that participants roll assets from their retirement plans into Empower’s managed account services. 

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