Genworth 401(k) Class Rejection Denied Second Look in 4th Cir.

A decision blocking Genworth Financial Inc. employees from challenging the BlackRock Inc. funds in their 401(k) plan as a certified class will stand, the Fourth Circuit announced Thursday, declining to rehear the case.

The workers had asked the US Court of Appeals for the Fourth Circuit to rethink its March decision undoing the certification of a mandatory class—one without notice to class members or opt-out rights—of thousands of Genworth 401(k) participants who said they were offered poorly performing target-date funds from non-party BlackRock. The appeals court reasoned that the lawsuit’s goal was to obtain money that would be added to ...