ServiceNow Beats Challenge to 401(k) Plan’s Target Date Funds

ServiceNow Inc. defeated a proposed class action by two former employees who challenged the American Century target date funds in the software company’s 401(k) plan.

The lawsuit claims investment underperformance but doesn’t adequately allege any flaws in ServiceNow’s process for managing the plan and its investments, Judge Trina L. Thompson said in an opinion issued Wednesday in the US District Court for the Northern District of California. There are no details in the complaint about the company’s fiduciary conduct in making its investment decisions or the proper process for investigating and evaluating particular investments, according to the judge.

Thompson said ...