Walgreens Must Face $300 Million Suit Over 401(k) Target Funds

Walgreen Co. is still facing a proposed class action challenging the Northern Trust target-date funds in its 401(k) plan, after a Chicago-based federal judge declined to dismiss most of the lawsuit’s claims.

Plan participant Chandra Brown-Davis can challenge the performance of Northern Trust’s funds by comparing them to two benchmark indexes and three target-date funds from competitors, Judge Charles R. Norgle of the U.S. District Court for the Northern District of Illinois said Monday. Walgreens dinged these comparisons as “cherry-picked,” but Norgle disagreed, saying it “is not clear to the Court at this stage that Plaintiffs’ comparisons are not apt.” ...