Insulet Decries 401(k) Target-Date Fund Suit as Hindsight Attack

Medical device maker Insulet Corp. asked a federal judge to dismiss a proposed class action challenging the American Century Investments target-date funds in its retirement plan, calling the allegations against it “woefully insufficient.”

The lawsuit’s claims of poor returns are based entirely on a hindsight-based analysis that focuses on a narrow sliver of time using cherry-picked metrics, Insulet said. The complaint includes no direct allegations about the company’s 401(k) monitoring process, and it doesn’t allege the kind of sustained and significant investment underperformance that could support a fiduciary breach claim under the Employee Retirement Income Security Act, the company said ...