A new class-action lawsuit that hopes to include thousands of 401(k) plans in its claim alleges that Empower Retirement earned "disproportionate profits" from revenue-sharing agreements.
The lone named plaintiff is a participant in TPS Parking Management's 401(k) plan.
But the claim proposes that the class of plaintiffs include participants in "all employee pension benefit plans" to which Empower provides a group annuity contract or group funding agreement.
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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.
