United of Omaha, Stadion Can’t Escape 401(k) Self-Dealing Suit

March 17, 2020, 1:20 PM

A retirement plan investor is moving forward with a proposed class action accusing United of Omaha and Stadion Money Management LLC of steering 401(k) assets toward expensive affiliated funds, after a ruling by a federal judge in Nebraska.

Kimberly Davis is moving forward with the entirety of her four-count complaint, which seeks to hold the companies liable under the Employee Retirement Income Security Act for breaches of fiduciary duty and prohibited transactions.

Judge Joseph F. Bataillon of the U.S. District Court for the District of Nebraska ruled on Monday that the lawsuit was timely and that Davis adequately alleged the...

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