Bloomberg Law
July 23, 2019, 8:51 AM

Banks, Money Managers Get a Break From 401(k) Self-Dealing Suits

Jacklyn Wille
Jacklyn Wille

Financial companies may finally be getting a break from defending their 401(k) plans in court.

Deutsche Bank, American Century, and T. Rowe Price are among banks and money managers that have been sued by angry employees who say the companies are profiting off their retirement savings. The lawsuits take aim at 401(k) plans filled with affiliated investment products, which workers say carry high fees that benefit their employers while performing worse than less expensive alternatives.

But as the court rulings—and multi-million dollar settlements—have trickled in, the rate of newly filed lawsuits has slowed to nearly a standstill. After more than ...

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