Goldman Sachs Defeats Class Action Over 401(k)'s In-House Funds

Goldman Sachs Group Inc. defeated a class action challenging the in-house mutual funds formerly in its workers’ 401(k) plan when a Manhattan federal judge ruled the company appropriately monitored these funds at regular meetings and with outside investment advice.

Goldman is entitled to summary judgment on Leonid Falberg’s claims of fiduciary breach and prohibited transactions under the Employee Retirement Income Security Act, Judge Edgardo Ramos of the US District Court for the Southern District of New York said in an opinion publicly released Thursday. Ramos said that Goldman’s retirement plan committee members received appropriate training, had no personal financial stake ...