Caesars 401(k) Plan Investors Seek Class Over Russell Fund Swap

Two participants in Caesars Holdings Inc.'s $1.6 billion 401(k) plan sought class-action status in their lawsuit saying the plan lost millions after outside manager Russell Investments Trust Co. swapped all of its funds for its own affiliated offerings.

The proposed class includes about 42,000 people covered by the Caesars Entertainment Inc. unit’s plan between August 2017 and December 2021, excluding anyone who had responsibility over plan management. These potential class members suffered a common injury stemming from a set of decisions made by the defendants about the plan’s investments and administration, plaintiffs Danny Wanek and Juan Duarte said.

Russell took ...