Station Casinos Draws Lawsuit Over 401(k) Plan Target-Date Funds

Gaming and hospitality company Station Casinos LLC is the latest employer to be sued over its decision to offer target-date funds from American Century Investments in its employees’ 401(k) plan.

The proposed class action was filed by Milberg PLLC, which over the past two months has filed federal lawsuits challenging the American Century target-date funds offered to employees of at least seven other companies, including FJ Management Inc., Insulet Corp., Sig Sauer Inc., and JE Dunn Construction Co. The complaints—none of which name American Century as a defendant—say the funds consistently underperformed similar investment options and should ...