January 25, 2019 / 9:00 PM / in 6 months

Principal Global must face lawsuit over target date funds - ruling

Iowa-based Principal Global Investors must face a lawsuit accusing it of using its own costly and poorly performing funds in “target-date” funds it provided to thousands of U.S. retirement plans, a federal judge ruled.

In a decision on Thursday, U.S. District Judge Stephanie Rose in Des Moines, said plaintiffs offered strong circumstantial evidence that Principal breached its fiduciary duties to retirement plans by almost exclusively using its own products in funds it offered and not investigating alternatives with lower fees.

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2Uf83th

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