M&T Bank Hit With Second Class Action Over 401(k) Funds

M&T Bank Corp., its subsidiaries and executives face a second proposed class action over their alleged breach of ERISA fiduciary duties by selecting and retaining high-cost, poorly performing in-house investment funds in the bank’s 401(k) plan (Allen v. M&T Bank Corp., W.D.N.Y., 1:16-cv-00704, complaint filed 9/1/16).

M&T Bank acted in its own interest, to the detriment of the plan and its participants, by including proprietary mutual fund investments in the plan that performed poorly and were more expensive than comparable investments, the lawsuit filed Sept. 1 said. The bank is also accused of failing ...