Empower Advisory Group LLC said a lawsuit claiming it pushed customers out of their workplace retirement plans and into a pricey managed account program fails because the company isn’t subject to fiduciary liability under ERISA.
The customers say Empower acted as an ERISA fiduciary because it provided investment advice, but the only advice the company allegedly provided had to do with one-time rollover transactions to individual retirement accounts, Empower said Monday in a motion asking to have the case dismissed. This isn’t enough to transform the retirement plan recordkeeper into a fiduciary that can be held liable under the Employee ...
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