Neuberger Berman 401(k) Suit Boosted by SCOTUS Case, Court Told

An investor in Neuberger Berman Group’s 401(k) plan is using the U.S. Supreme Court’s recent decision on ERISA’s statute of limitations to boost his proposed class action against the financial company’s 401(k) committee in a letter submitted to a Manhattan federal judge on Thursday.

The Supreme Court’s Feb. 26 opinion in Intel Corp. v. Sulyma “unequivocally rejects” Neuberger’s argument that Arthur Bekker’s lawsuit was filed too late, Bekker said in a letter to Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New York.

Bekker’s lawsuit claims Neuberger’s 401(k) committee filled the plan with expensive, ...