FCA Workers Advance Suit Over Retirement Plan Fund Performance

Automaker FCA US LLC was ordered to defend against a proposed class action claiming its retirement plans are plagued by poorly performing target-date funds.

The FCA workers plausibly alleged that the disputed funds failed to meet their own internal goals and benchmarks, Judge Robert J. White of the US District Court for the Eastern District of Michigan said. These allegations, coupled with the suggestion that better-performing options are readily available on the marketplace, are enough to state a claim for fiduciary breach under the Employee Retirement Income Security Act, White said in a Tuesday opinion denying FCA’s motion to dismiss ...