In the Margins

Appeals court dismisses Principal fees case

January 13, 2016

By PlanSponsor

The 8th U.S. Circuit Court of Appeals has dismissed plan sponsor McCaffree Financial Corp.'s lawsuit claiming Principal Financial Group charged excessive fees to retirement plan participants. Affirming a district court’s decision that McCaffree Financial failed to state a claim, the appeals court agreed that Principal was not acting as a fiduciary under the Employee Retirement Income Security Act (ERISA) when it entered into a contract with McCaffree to offer separately managed accounts for McCaffree’s retirement plan for employees. Read the original story from PlanSponsor.



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