Condé Nast Parent Beats BlackRock 401(k) Challenge, Joining List

Condé Nast parent company Advance Publications Inc. defeated a proposed class action challenging the BlackRock Inc. target date funds in its $1.5 billion 401(k) plan, but plan participants can try again with an amended complaint.

The complaint against Advance doesn’t include facts suggesting that the company’s process for monitoring plan investments was deficient, Judge Analisa Torres of the US District Court for the Southern District of New York ruled Tuesday. Rather, the case is based on “conclusory allegations” that don’t state a viable claim for fiduciary breach under the Employee Retirement Income Security Act, Torres said.

“In so many words, ...