SAS Institute 401(k) Plan’s JPMorgan Funds Drive New Lawsuit

Three former SAS Institute Inc. employees on Thursday filed a proposed class action challenging the JPMorgan Chase & Co. target date funds in the artificial intelligence and analytics software company’s retirement plan.

The lawsuit says the SAS plan continued offering a suite of target date funds from JPMorgan, which isn’t named as a defendant, despite their consistent underperformance. The company’s failure to replace these funds with better performing options from a competitor is a breach of fiduciary duty under the Employee Retirement Income Security Act, according to the complaint.

Target date funds, which are designed to gradually shift investment ...