Booz Allen, Capital One Workers Appeal BlackRock 401(k) Rulings

Former Booz Allen Hamilton Inc. and Capital One Financial Corp. employees called on the Fourth Circuit to hear their cases challenging the BlackRock Inc. target date funds in the companies’ 401(k) plans.

The workers announced plans to appeal a pair of decisions by Judge Michael S. Nachmanoff of the US District Court for the Eastern District of Virginia, who last month dismissed each of their proposed class actions. According to Nachmanoff, fiduciary breach claims under the Employee Retirement Income Security Act can’t move forward based on alleged investment performance alone, and the workers in these cases failed to allege any ...