Booz Allen Draws Support in BlackRock Target Date Fund Challenge

The recent burst of litigation targeting 401(k) plans with BlackRock Inc. target date funds has drawn the attention of the private retirement plan community, with industry groups joining the fray to seek dismissal of a two-month-old lawsuit against Booz Allen Hamilton Inc.

The lawsuits challenging these BlackRock funds are based on legal theories that are “badly out of sync” with the standards governing retirement plan fiduciaries, along with “cherry-picked” comparisons that have little in common with the challenged funds, the industry groups said in an amicus brief filed Monday at the US District Court for the Eastern District of Virginia ...