National Indemnity Co. Sued Over Sequoia Fund in 401(k)

May 26, 2017, 5:47 PM

National Indemnity Co. is the latest employer to be sued for allowing workers to invest their retirement assets in the Sequoia Fund, a mutual fund that was heavily exposed to the stock of controversial drug maker Valeant Pharmaceuticals (Muri v. Nat’l Indemnity Co., D. Neb., No. 8:17-cv-00178-LSC-CRZ, complaint filed 5/26/17).

The proposed class action, filed May 26 in a federal court in Nebraska, seeks to hold the company liable under the Employee Retirement Income Security Act for including the Sequoia Fund in its 401(k) plan. National Indemnity, which is a subsidiary of Berkshire Hathaway, “intentionally steered” 401(k) assets ...

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