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United of Omaha Gets 401(k) Self-Dealing Suit Moved to Nebraska

Dec. 23, 2019, 5:14 PM

A proposed class action accusing United of Omaha and Stadion Money Management LLC of steering 401(k) assets toward expensive affiliated funds will be heard in the District of Nebraska, a federal judge in North Carolina ruled.

The lawsuit, filed by North Carolina resident Kimberly Davis, involves a “putative, diffuse class” that has “little to do with North Carolina,” Judge Loretta C. Biggs of the U.S. District Court for the Middle District of North Carolina ruled Dec. 20. She transferred the case to United of Omaha’s home state of Nebraska, which she said has a “closer connection” to more of the...

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