Subscribe Now!
Free Daily News, Jobs, Webcasts, Discussions
Display and Distribute
Your Job Openings
COVID-19 News
COVID-19 Webcasts

Featured Jobs

Plan Administrator

Forrestall CPAs, LLC
(Buford GA)

Forrestall CPAs, LLC logo

Free Daily News and Jobs

“BenefitsLink continues to be the most valuable resource we have at the firm.”

-- An attorney subscriber

Get the BenefitsLink app LinkedIn
Twitter
Facebook

By Date   |   By Company Name


View More Press Releases by Schlichter, Bogard & Denton, LLP

Press release:

Schlichter Bogard & Denton Sues Astellas on Behalf of Participants in its $932 Million 401(k) Plan

Issued by: Schlichter, Bogard & Denton, LLP

Date: July 17, 2020

On July 1, Schlichter Bogard & Denton filed suit against Astellas Pharma U.S. and Aon Hewitt Investment Consulting in the Northern District of Illinois on behalf of participants in the pharmaceutical company’s $932 million retirement plan.

The complaint alleges, among other things, that the defendants breached their fiduciary duty by appointing, in 2016, Aon Hewitt as their discretionary investment manager and replacing almost all the plan’s mutual funds with six collective investment trusts (“CIT”) – five of them Aon Hewitt’s. The suit contends that these CITs underperformed both Aon Hewitt’s own benchmarks and the funds they replaced, costing plan participants “millions of dollars in performance losses.”

Further, per Schlichter Bogard & Denton Senior Partner Jerry Schlichter, Astellas and Aon Hewitt replaced “proprietary funds in the plan without prudent review of those funds and failed to consider other alternatives.”

View More Press Releases by Schlichter, Bogard & Denton, LLP


This is a press release issued by the company named above. BenefitsLink is not the author. Use of any information obtained from this release is voluntary, and reliance on it should only be undertaken after an independent review of its accuracy, completeness, efficacy, and timeliness. Reference to any specific commercial product, process, or service by trade name, trademark, service mark, manufacturer, or otherwise does not constitute or imply endorsement, recommendation, or favoring by BenefitsLink.

© 2020 BenefitsLink.com, Inc.