Proposed Benchmarks Rejected; ERISA Imprudence Suit Over Fees, Fund Dismissed

Mealey's (June 23, 2022, 1:35 PM EDT) -- ST. LOUIS — Rejecting data from Investment Company Institute (ICI) and investment consulting firm NEPC as meaningful benchmarks and ruling that the complaint failed to state a claim, a Missouri federal judge on June 21 granted dismissal of putative class suit that alleged imprudence under the Employee Retirement Income Security Act regarding record-keeping and investment-management fees and one fund in a retirement plan....