Stadion Fights Would-Be Class Suit Over 401(k) Services

April 16, 2019, 4:51 PM

Stadion Money Management wants out of a proposed class action targeting its 401(k) plan practices, telling a federal judge the lawsuit was filed too late.

The case—which accuses Stadion and United of Omaha Life Insurance Co. of steering 401(k) assets toward expensive, affiliated funds—was filed in 2019 even though all the operative facts were disclosed in 2012, the asset manager said. This makes the case untimely under the Employee Retirement Income Security Act’s three-year statute of limitations, according to Stadion’s April 15 motion to dismiss.

Stadion also sought dismissal on the grounds that it’s not an ERISA fiduciary with respect...

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