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Mutual of Omaha Still Facing Class Claims Over 401(k) Plan

Jan. 2, 2019, 12:31 PM

Workers suing Mutual of Omaha Insurance Co. over affiliated investment funds in the company’s 401(k) plan are moving forward with their proposed class action.

The workers put forth enough facts to show that Mutual of Omaha acted disloyally when it paid above-market rates to a subsidiary that acted as a plan service provider, Senior Judge Joseph F. Bataillon of the U.S. District Court for the District of Nebraska said Dec. 31.

Bataillon’s decision declining to dismiss the case followed a recent decision against National Indemnity Co., in which another Nebraska federal judge allowed a proposed class action involving the company’s...

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