Franklin Templeton 401(k) Challenge Gets Class Treatment

Participants in the Franklin Templeton 401(k) Retirement Plan who sued the company over the plan’s in-house mutual funds got permission to move forward as a certified class (Cryer v. Franklin Resources, Inc., N.D. Cal., No. 4:16-cv-04265, order issued 7/26/17).

The lawsuit, which involves the retirement benefits of more than 5,000 plan participants, qualifies for class treatment because it raises common questions about Franklin Templeton’s conduct and because it seeks recovery on behalf of the plan as a whole, a federal judge ruled July 26. Franklin is accused of investing ...