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Condé Nast Owner Faces Latest Suit Over BlackRock 401(k) Funds

Aug. 11, 2022, 4:31 PM

Condé Nast parent company Advance Publications Inc. was sued in Manhattan federal court over the BlackRock target date funds in its 401(k) plan, joining a growing list of employers that includes Microsoft Corp., Citigroup, and Capital One Financial.

Advance is accused of mismanaging its $1.5 billion retirement plan by choosing target date funds from BlackRock—which isn’t named as a defendant—as the plan’s default investment. These BlackRock funds underperformed competitors and deprived the plan’s 12,027 participants of significant growth in their retirement assets, plaintiff Jermaine Anderson said in the proposed class action complaint.

Anderson’s lawsuit, filed Wednesday in ...