Lowe\u2019s Cos. settled a class-action lawsuit filed by a participant in its 401(k) plan for a $12.5 million settlement fund from which participant class members are entitled to distributions. <\/p>\n\n\n\n
The class-action lawsuit alleged that Lowe\u2019s, its administrative committee, and investment consultant AON breached their fiduciary duty by offering the AON Growth Fund. No settlement has been reached yet with co-defendant Aon.<\/p>\n\n\n\n
Aon was accused of a conflict of interest in recommending this proprietary fund for the plan and improperly did so to further its financial interests instead of the interests of the plan\u2019s participants.<\/p>\n\n\n\n
Proprietary funds are a minefield for any large 401(k) plan.<\/p>\n
<\/span><\/p>","protected":false},"excerpt":{"rendered":" Lowe\u2019s Cos. settled a class-action lawsuit filed by a participant in its 401(k) plan for a $12.5 million settlement fund from which participant class members are entitled to distributions. The class-action lawsuit alleged that Lowe\u2019s, its administrative committee, and investment … Continue reading