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.
