BlackRock 401(k) Fund Suits Continue, Targeting Marsh & McLennan

Marsh & McLennan Cos. is the ninth company to be sued in the past week over the BlackRock Inc. funds in its 401(k) plan, with a Manhattan federal court lawsuit following complaints against Microsoft Corp., Citigroup, Capital One Financial, and others.

The insurance brokerage and risk management firm is accused of mismanaging its $5.9 billion 401(k) plan by offering the BlackRock LifePath Index Funds as the plan’s default investment option. These target date funds “dramatically” and “repeatedly” underperformed similar offerings from other companies and drove millions of dollars in lost retirement savings growth, the lawsuit claims.

The ...