Franklin Templeton Class Ruling Called Into Doubt

Franklin Templeton got some good news in a lawsuit challenging its 401(k) investment lineup, when a federal judge in California indicated she may be reconsidering whether the lawsuit should proceed as a class action (Cryer v. Franklin Resources, Inc., N.D. Cal., No. 4:16-cv-04265-CW, order for opposition to motion for reconsideration 8/8/17).

U.S. District Judge Claudia Wilken on Aug. 8 allowed the financial company to formally seek reconsideration of her July 26 decision certifying the case as a class action. In doing so, Wilken ordered the investors to respond to Franklin’s main argument—that the case may be barred by ...