Matrix Trust Co. is being sued in a 401(k) class-action lawsuit by a Minnesota engineering firm that alleges that Matrix took millions of dollars from retirement plan accounts.MBA Engineering alleges that Matrix Trust unlawfully retained potentially hundreds of millions of dollars in 12b-1 fees, non-float cash interest, and float cash interest from more than 60,0000 customers through nondisclosure and concealment.<\/p>\n\n\n\n
The plaintiff claims that Matrix did not disclose that customers\u2019 assets were earning non-float and float cash interest, no disclosure whether they were earning 12(b)-1 fees and by how much, and that Matrix retained that money as compensation. Matrix vehemently denies any wrongdoing.<\/p>\n\n\n\n
It should be noted that this is the same MBA Engineering that sued Vantage Benefits, claiming that they stole $2.3 million in retirement assets from the participants in the company\u2019s plans. Jeff Richie and his wife have pleaded guilty to charges of embezzlement ad I question whether this lawsuit against Matrix has anything to do with what happened with Vantage since Matrix was the custodian of these plans and this might be a workaround that.<\/p>\n
<\/span><\/p>","protected":false},"excerpt":{"rendered":" Matrix Trust Co. is being sued in a 401(k) class-action lawsuit by a Minnesota engineering firm that alleges that Matrix took millions of dollars from retirement plan accounts.MBA Engineering alleges that Matrix Trust unlawfully retained potentially hundreds of millions of … Continue reading