Stifel Financial Sued Again Over Handling of Worker 401(k) Plan

Stifel Financial Corp. mismanaged its employees’ retirement plan by failing to weed out a pair of poorly performing investments that drained workers’ savings, according to a proposed class action filed Friday.

Stifel’s plan lost out on between $42 million and $134 million by continuing to offer two actively managed funds from American Century Investments, which isn’t named as a defendant, a plan participant alleged. These funds lagged their benchmarks and other similar funds for more than a decade and should have been swapped out for better options, plaintiff Amber Striplin said in a complaint filed in the US District Court ...