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T. Rowe Price 401(k) Investors Want Appeal of Plan ‘Hardwiring’

May 5, 2021, 7:34 PM

An 8,200-person class of participants in T. Rowe Price Group’s $1.7 billion 401(k) plan asked a Maryland federal judge to greenlight an immediate appeal of the novel legal question of whether ERISA allows a plan to “hardwire” a preference for affiliated investment options.

The participants on Tuesday renewed their efforts to undo portions of a February opinion in which Chief Judge James K. Bredar of the U.S. District Court for the District of Maryland allowed their Employee Retirement Income Security Act lawsuit to go to trial. In the opinion, Bredar declined to invalidate a “hardwiring provision” in the T. Rowe ...