August 12, 2019 / 4:47 PM / 2 months ago

Walgreens hit with $300 mln ERISA lawsuit over target-date retirement funds

Walgreen Co on Friday was hit with a proposed class claiming the drugstore chain’s poor investment choices led to $300 million in losses for an employee retirement plan.

A group of 12 current and former Walgreens employees represented by Sanford Heisler Sharp accused the company of violating the Employee Retirement Income Security Act of 1974 (ERISA) by continuing to invest in 10 target-date funds that were consisently among the lowest-performing in the market. The complaint was filed in federal court in Chicago.

To read the full story on Westlaw Practitioner Insights, click here:

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