The plaintiffs’ bar is deploying a litigation strategy specific to asset managers who offer proprietary investments to their own employees, according to one law firm.
Large, and in most cases, household name money managers face a unique reputation risk when their 401(k) plans are sued for offering their own investments, says Brian Netter, co-chair of the ERISA litigation practice at Mayer Brown.
In nearly two-dozen lawsuits targeting money managers offering their own products to their own employees, plaintiffs allege the proprietary investments amount to self-dealing, and fail the Employee Retirement Income Security Act’s fiduciary duty of loyalty.
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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.
