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United of Omaha, Stadion Fight 401(k) Self-Dealing Allegations

April 17, 2019, 2:22 PM

United of Omaha Life Insurance Co. fought back against a challenge to its 401(k) plan practices, telling a federal judge the lawsuit was based on a legal theory that doesn’t exist under the Employee Retirement Income Security Act.

The proposed class action accuses United of Omaha and Stadion Money Management LLC of steering 401(k) assets toward expensive affiliated funds. But the claims against United of Omaha are based on the idea that it “knowingly participated” in alleged fiduciary breaches committed by Stadion, the company said. This isn’t a viable legal theory under ERISA, according to United of Omaha’s April 16...

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