Lowe’s Loses Round in Challenge to Aon Hewitt 401(k) Fund

Lowe’s Companies Inc. suffered a setback when a magistrate judge recommended that a proposed class action targeting the company’s 40(k) plan be allowed to move forward.

It would be “premature” to dismiss the lawsuit before the 401(k) investors are allowed to conduct discovery into Lowe’s fiduciary processes, Magistrate Judge David C. Kessler of the U.S. District Court for the Western District of North Carolina said Feb. 14. Retirement plan investors “generally lack the inside information necessary to make out their claims in detail unless and until discovery commences,” Kessler said, quoting the U.S. Court of Appeals for the Eighth Circuit ...