In the Margins

Allianz, PIMCO named in 401(k) fee suit

October 13, 2015

By InvestmentNews

Participants in the Allianz Asset Management of America 401(k) Savings and Retirement Plan have filed suit against Allianz Global Investors, PIMCO and parent company Allianz Asset Management claiming plan fiduciaries violated their duty of loyalty and prudence under ERISA by populating the 401(k) plan's core investment menu with high-priced proprietary funds. The complaint was filed Oct. 7 in California. This is the latest in a string of class-action suits alleging breach of fiduciary duty due to excessive 401(k) fees. Read the original story from InvestmentNews.