Franklin Resources Inc. lost its bid for quick dismissal of a lawsuit claiming that it stuffed its workers’ 401(k) plan with in-house mutual funds that carried excessive fees and performed worse than competitors’ funds (Cryer v. Franklin Resources, Inc., N.D. Cal., No. 4:16-cv-04265-CW, 1/17/17).
A federal judge on Jan. 17 refused to dismiss the lawsuit, which alleges $64 million in lost retirement savings, after finding that the claims of high fees and poor performance involved factual questions that couldn’t be resolved in the early stages of litigation. The judge also found that the plaintiff, who cashed out of ...
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