Investment Manager Says 401(k) Class Action Fails To Show Any Fiduciary Breach

Mealey's (October 15, 2020, 12:47 PM EDT) -- BOSTON — A class action lawsuit filed in Massachusetts federal court alleging that an employer and an investment manager breached their fiduciary duties and engaged in prohibited transactions while sponsoring a 401(k) employee pension benefit plan should be dismissed in its entirety because the plaintiffs fail to provide any facts in support of their claims, the investment manager maintains in its Oct. 9 reply in support of its motion to dismiss (David Turner, et al. v. Schneider Electric Holdings Inc., et al., No. 20-11006, D. Mass.)....