Booz Allen Defends BlackRock Target Date Funds Driving Lawsuits

Booz Allen Hamilton Inc. wants out of a lawsuit challenging the BlackRock Inc. target date funds in its 401(k) plan, telling a Virginia federal judge that these low-cost funds are independently recognized as one of the best-rated options on the marketplace.

The proposed class action relies on improper hindsight arguments and cherry-picked data that have been rejected by multiple courts, Booz Allen said in a motion to dismiss filed Monday. The complaint also fails to offer a meaningful benchmark by which to judge the BlackRock funds’ performance, the company said.

The plaintiffs’ legal theory “would effectively expose all employer-sponsored 401(k) ...