Goldman Sachs Fund Performance Drives Arguments in 401(k) Appeal

A Goldman Sachs Group Inc. committee’s process for monitoring in-house mutual funds in the firm’s 401(k) plan was scrutinized Monday by a panel of Second Circuit judges questioning the standard for removing funds from a plan.

The arguments presented to Judges Gerard E. Lynch, William J. Nardini, and Sarah A. L. Merriam focused on technical details involving Goldman’s retirement plan and the evidence needed to successfully argue that a fund should be removed from the investment lineup.

Adam Hansen, the Apollo Law LLC attorney representing those plan participants suing the investment banker, said there were several pieces ...