Specialty chemical supplier Solenis LLC is the latest employer to be hit with a proposed class action challenging the American Century Investments target-date funds in its employees’ 401(k) plan.
The lawsuit, docketed Tuesday in the US District Court for the District of Delaware, claims these funds from non-party American Century underperformed similar investments from other companies. These “clearly inferior” funds drove millions of dollars in lost retirement savings and should have been removed from the Solenis plan, according to the complaint.
- Plaintiff Ricardo Galeano Rojas brings claims for fiduciary breach under the Employee Retirement Income Security Act and seeks ...
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