CMFG Life Insurance Co., which operates as CUNA Mutual Group, was sued in Wisconsin federal court by three former employees who say they lost retirement savings because of the BlackRock Inc. target date funds in their $865 million retirement plan.
The proposed class action, filed Aug. 19 in the US District Court for the Western District of Wisconsin, takes aim at the BlackRock LifePath Index Funds, which served as the default investment option in the 4,461-person CUNA plan. These funds underperformed better options from competitors and appear to have been chosen solely for their low fees, according to the complaint. ...
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