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Omnicom 401(k) Suit Advances After Claims Trimmed for Standing

Aug. 3, 2021, 3:26 PM

Five participants in Omnicom Group Inc.'s 401(k) plan can move forward with the bulk of their lawsuit challenging plan fees and performance, but they can’t challenge investments they didn’t personally hold in their retirement accounts, a Manhattan federal judge ruled.

The participants couldn’t have been harmed by the alleged mismanagement of funds they didn’t invest in, Judge Colleen McMahon said Monday. She dismissed claims related to two funds offered by Neuberger Berman and Morgan Stanley, explaining that the participants lacked standing to press these claims.

Omnicon argued that the U.S. Supreme Court’s 2020 decision in Thole v. U.S. Bank NA ...

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