A proposed class action accuses M&T Bank Corp. and its executives and affiliates of breaching their ERISA fiduciary duties by retaining high-cost and poorly performing proprietary mutual funds in the bank’s 401(k) plan (Habib v. M&T Bank Corp., W.D.N.Y., 1:16-cv-00375, complaint filed 5/11/16).
According to the complaint, filed May 11, M&T Bank has continuously failed since 2010 to remove imprudent proprietary funds as plan investment options despite the fact that these funds charged grossly excessive fees compared with similar or superior alternatives, costing participants millions of dollars in losses in retirement savings.
The lawsuit aims directly at ...
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