Mitchell International Sued Over 401(k) Plan’s Stable Value Fund

Five former Mitchell International Inc. employees filed a proposed class action saying the insurance technology company mismanaged their retirement plan by offering a flawed stable value fund.

The lawsuit challenges Mitchell’s decision to offer workers a stable value fund from non-party Empower Annuity Insurance Co. of America that allegedly “carried significantly more risk and provided a significantly lower rate of return” than other available options. This fund, which held more than $90 million in plan assets as of 2024, underperformed competitors by at least 51% and caused “devastating” plan losses, according to the complaint.

• Dozens of recent lawsuits have ...