Charles Schwab Corp. is the latest in a long line of financial companies to be hit with class actions challenging the in-house investment options offered in their employees’ 401(k) plans (Severson v. Charles Schwab Corp., N.D. Cal., No. 3:17-cv-00285-JCS, complaint filed 1/19/17).
Schwab “larded” its own 401(k) plan with expensive and poorly performing investment funds and services that earned fees for the company at the expense of workers’ retirement savings, according to the new lawsuit, filed Jan. 19. The lawsuit also targets the performance of Schwab’s stable value fund and claims that Schwab executives allowed ...
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