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Federal Judge Approves $13.8 Million Revenue-Sharing Based Settlement Between a Provider and 401(k) Plans
PLANSPONSOR; free registration may be required Link to more items from this source
[Guidance Overview]
June 28, 2010
Excerpt: The class action, filed on behalf of all of Hartford's 401(k) clients, alleged that the Hartford provided its clients with a menu of investment options from which plans chose a subset to be offered to plan participants. The suit alleged that Hartford received revenue sharing payments from the various mutual funds, based on a percentage of the plan's assets, and that the Hartford's receipt of the revenue sharing payments constituted a breach of its fiduciary duties under ERISA Section 404.

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