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Ameriprise Loses Bid to Dismiss Suit Alleging Fiduciary Breach Due to 401(k) Fund Selection Favoritism
HR Daily Advisor 
Dec. 20, 2012
"In ruling for the plaintiffs, the judge reminded that ERISA's duty of loyalty requires fiduciaries such as Ameriprise to act with an eye solely to the interests of participants. She said plaintiffs plausibly argued that Ameriprise did not do this when discharging its duties to participants and beneficiaries of the plan. 'Perhaps the most fundamental duty of a [fiduciary] is that he must display ... complete loyalty to the interests of the beneficiary and must exclude all selfish interest and all consideration of the interests of third persons.'" [Krueger v. Ameriprise Financial Inc., No. 11-cv-02781 (D. Minn., Nov. 20, 2012)]
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