Iowa Federal Judge: 401(k) Service Provider Didn’t Breach Loyalty Or Self-Deal

Mealey's (April 27, 2021, 10:16 AM EDT) -- DAVENPORT, Iowa — An Iowa federal judge on April 8 decided a class action Employee Retirement Income Security Act lawsuit in a 401(k) service provider’s favor, ruling that Principal Life Insurance Co. did not breach its fiduciary duty of loyalty or engage in self-dealing because it used a reasonable process in setting the crediting rate for a guaranteed return insurance product offered to plan participants....