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Natixis Hit With Allegations of 401(k) Self-Dealing, Missteps

Feb. 19, 2021, 7:47 PM

Natixis Investment Managers LP fills its $440 million 401(k) plan with unpopular, affiliated mutual funds that perform poorly and drain employees’ retirement savings with excessive fees, a former employee alleged in a proposed class action filed in Massachusetts federal court.

Natixis, which is the majority owner of mutual fund companies Oakmark, Loomis Sayles, and Vaughan Nelson, uses its employees’ 401(k) plan to prop up proprietary investments that have been rejected by outside investors because of their poor performance, plan participant Brian Waldner said in a complaint filed Thursday in the U.S. District Court for the District of Massachusetts.

Waldner claims ...

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