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Lowe’s, Aon Hewitt Agree to 250,000-Person Class in 401(k) Suit

Oct. 29, 2020, 2:14 PM

Lowe’s Cos. Inc. and Aon Hewitt Investment Consulting Inc. agreed to class certification in a lawsuit challenging the home improvement retailer’s decision to move more than $1 billion in 401(k) assets to an underperforming Aon Hewitt fund with little track record, according to a stipulation filed in a North Carolina federal court.

The class includes more than 250,000 participants and beneficiaries in the company’s $5.3 billion 401(k) plan, the parties told Judge Kenneth D. Bell of the U.S. District Court for the Western District of North Carolina, who last year allowed the plan participants to move forward with claims accusing ...

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