Franklin Templeton Can’t Undo Class Ruling in 401(k) Fight

A class action accusing Franklin Templeton of filling its 401(k) plan with high-fee, in-house mutual funds won’t be decertified despite prior signals from a federal judge that decertification may be warranted (Cryer v. Franklin Res., Inc., 2017 BL 356672, N.D. Cal., No. 4:16-cv-04265-CW, order denying motion for reconsideration 10/4/17).

Judge Claudia Wilken of the U.S. District Court for the Northern District of California on Oct. 4 refused to undo her July decision certifying a class of more than 5,000 participants in Franklin Templeton’s 401(k) plan. The company said class certification was a mistake because the plan participant who ...