Molson Coors Hit With 401(k) Lawsuit Over Fidelity Annuity Fund

Molson Coors Beverage Co. USA LLC mismanaged its workers’ 401(k) assets by offering an in-plan annuity that guaranteed a lower rate of return than similar market products, according to a new class-action filed against the company in Wisconsin.

Plaintiff Winston Hensley, a retired Molson Coors worker representing a class of more than 9,700 of the company’s 401(k) plan participants, claims the company failed to implement a prudent investment review process by offering the Fidelity Stable Value Fund.

The company held more than $200 million in Fidelity’s synthetic in-plan investment contract for a five-year period between 2019 and 2023, “wasting” Hensley’s ...