All Children’s Health System Inc. filled its retirement plans with underperforming target-date funds and more expensive shares of mutual funds, resulting in “massive lost earnings” to investors in violation of federal benefits law, according to a new lawsuit in federal court.
The plans’ fiduciaries, including Transamerica Retirement Solutions LLC and Creative Planning LLC, steered a large chunk of the plans’ assets into a single asset series—American Century One Choice Target Date Funds—and failed to remove them for over a decade, said the lawsuit filed Thursday in the US District Court for the Middle District of Florida.
- Plaintiff Tamara Goucher, who ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.