My daughter works at a local restaurant and I think it doesn\u2019t look good when employees there, order out. I also understand why a mutual fund company puts their mutual funds in a 401(k) plan, even if it makes them look like easy targets for an ERISA class action lawsuit.<\/p>\n
A federal judge in New York just dismissed an ERISA lawsuit against AllianceBernstein and the company\u2019s 401(k) plan fiduciaries, rejecting allegations that offering their proprietary investments was imprudent and an example of self-dealing.<\/p>\n
Their class action was a complaint that AllianceBerenstein funds were underperforming. \u201cPlaintiffs do not allege specific facts that directly demonstrate \u2026 defendants acted for purposes other than providing benefits to participants and their beneficiaries and defraying reasonable expenses of administering the plan,\u201d Federal judge Lewis J. Liman wrote. Their allegations of underperformance by several investments \u201cis not of sufficient duration or magnitude to create an inference of misconduct,\u201d he wrote.<\/p>\n
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