Credit: Rafael Henrique/Adobe Stock
A Virginia federal judge has dismissed – for the second time – a lawsuit against engineering and construction firm Bechtel Global Corp. that argued that the company’s retirement plan fiduciaries “breached their fiduciary duty” because the firm’s default managed account option was no better than a target date fund.
U.S. District Judge Anthony J. Trenga of the US District Court for the Eastern District of Virginia tossed the lawsuit last week, marking the second dismissal of retiree Debra Hanigan’s case. She alleged that Bechtel’s choice of a managed account for its Employee Retirement Income Security Act (ERISA) plan default investment led to excessive fees and subpar returns, arguing that a target date fund (TDF) would have been a better alternative.
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