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JPMorgan Looks to Trim 300,000-Person Class Action Over 401(k)

Dec. 12, 2019, 5:27 PM

JPMorgan Chase Bank NA asked the Southern District of New York to trim a class action challenging the affiliated funds in its 401(k) plan, arguing that several defendants had no fiduciary relationship with the plan.

The bank, along with parent company JPMorgan Chase and investment adviser J.P. Morgan Investment Management Inc., can’t be liable for fiduciary breach with respect to the 401(k) plan, because they didn’t act as plan fiduciaries under the Employee Retirement Income Security Act, the bank said.

The lawsuit claims JPMorgan and its affiliates filled the bank’s 401(k) plan with funds managed by JPMorgan or by affiliated...

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