A U.S. District judge in the Southern District of Iowa has signed off on a settlement agreement between Principal Financial and participants in its Select Savings Plan for Employees and the Select Savings Plan for Individual Field defined contribution plans.
A lawsuit against the plan provider alleged the use of proprietary funds amounted to a breach of fiduciaries' duty to prudence under the Employee Retirement Income Security Act.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
