Cook Group Inc. is accused of filling its $1.2 billion retirement plan with high-cost funds that drained millions of dollars from workers’ retirement savings, according to a proposed class action filed in Indiana federal court.
Cook—a group of businesses in areas including medical devices, life sciences, property management, and resorts—opted for expensive mutual funds when materially identical investments were available for lower cost, plan participant Drew Mateya alleged in the complaint. This cost workers more than $10 million in lost savings and constituted a breach of fiduciary duty in violation of the Employee Retirement Income Security Act, Mateya claimed.
The ...