A major convenience store operator was hit with a proposed class action claiming its 401(k) plan is full of poorly performing target-date funds that drain workers’ retirement savings.
The lawsuit says FJ Management Inc.—previously known as Flying J Inc.—offered its employees a suite of target-date funds from American Century Investments, which isn’t named as a defendant. These funds consistently produced lower returns than similar options while losing investors, and FJ should have removed them from its $278 million plan, plaintiff Jennifer Wolfe said in a complaint filed Monday in the US District Court for the District of Massachusetts.
- Wolfe brings ...
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