Fiduciary Duty Decision On 401(k) Service Provider Appealed To 8th Circuit

Mealey's (May 7, 2021, 1:22 PM EDT) -- DAVENPORT, Iowa — The named plaintiff in a class action Employee Retirement Income Security Act lawsuit filed notice on May 4 that he is appealing to the Eighth Circuit U.S. Court of Appeals a federal court’s opinion and order that found that a 401(k) service provider 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....