Nationwide Workers Seek Class in Guaranteed 401(k) Fund Lawsuit

Two Nationwide Mutual Insurance Co. workers challenging its stewardship on their behalf of an affiliated Guaranteed Investment Fund in their $8.2 billion 401(k) plan, asked an Ohio federal judge to certify their lawsuit as a class action covering tens of thousands of people.

Ryan Sweeney and Bryan Marshall seek a class of all participants and beneficiaries in Nationwide’s retirement plan who invested in the company’s guaranteed fund since 2014. Sweeney and Marshall say the plan covers 43,000 people, with tens of thousands of them holding this fund in their accounts.

Federal courts have “repeatedly” granted class certification in cases alleging ...