Aug. 9, 2019, 7:38 PM; Updated: Aug. 9, 2019, 8:36 PM
Walgreen Co. filled its retirement plan with expensive and poorly performing target-date funds from Northern Trust, which caused workers to lose “upwards of $300 million in retirement savings,” according to a proposed class action filed Aug. 9.
The lawsuit accuses Walgreens of allowing nearly 40% of its retirement plan’s assets, which totals more than $3 billion, to be invested in a suite of 11 target-date funds from Northern Trust. Walgreens retained the funds and added additional Northern Trust options to the plan even though the funds underperformed comparable investments for nearly a decade, the lawsuit claims.
