CUNA Mutual Defeats BlackRock 401(k) Fund Lawsuit, Joining List

CMFG Life Insurance Co., which operates as CUNA Mutual Group, scored dismissal of a proposed class action by workers saying they lost retirement savings because of the BlackRock Inc. target date funds in their $865 million retirement plan.

The lawsuit was based on faulty comparisons between the BlackRock LifePath Index Funds and other large target date fund suites with different management styles and investment strategies, Judge William M. Conley said in a Jan. 26 opinion. And the complaint doesn’t suggest the BlackRock funds performed all that badly; they even appeared to be “on somewhat of an upswing” during the ...