Axing of Genworth 401(k) Class Needs New Look, Ex-Workers Say

Former Genworth Financial Inc. employees challenging the BlackRock Inc. target-date funds in their 401(k) plan asked the Fourth Circuit to rethink its recent decision blocking them from litigating as a certified class.

The Fourth Circuit’s decision to treat fiduciary breach claims brought on behalf of 401(k) plans as “individualized monetary claims” that can’t be certified as a mandatory class breaks from the “unanimous treatment of such claims across federal courts,” the workers said Tuesday in a rehearing petition. It also upends the “twin principles” that these types of Employee Retirement Income Security Act claims are brought in a representative ...