SAS Institute Nabs Dismissal of 401(k) Target Date Fund Lawsuit

SAS Institute Inc. defeated a lawsuit over the JPMorgan Chase & Co. target date funds in its employees’ 401(k) plan when a federal judge said the funds didn’t seriously underperform the workers’ designated alternatives.

The plan participants “use a suite of exotic performance metrics” to argue that the JPMorgan funds performed poorly, and they respond to SAS’s objections by citing a need for expert testimony, Judge James C. Dever III said. But participants “cannot simply pin their hopes on future experts to make their hypothetical claims plausible in hindsight,” Dever said in a Monday order. He dismissed their proposed ...