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Citigroup Decision's Warning for 401(k) Fiduciaries
The Prudent Investment Adviser Rules Link to more items from this source
Oct. 24, 2014
"The court noted that Citigroup had not even attempted to offer any evidence that the plan participants had been provided with or possessed the necessary fee data. Without such data, the court held that the plan participants 'could not have known that the fees were excessive, and thus a basis for an ERISA claim.' ... [F]ew, if any, 401(k) plans provide the type of fee comparison data mandated by the court's decision. The court seems to suggest that the required fee comparison data includes comparison data on both the unaffiliated funds with a plan, but also on comparable alternative funds with similar types of assets and equivalent performance available in the marketplace." [Leber v. Citigroup 401(k) Plan Investment Committee, No. 07-Cv-9329 (S.D.N.Y. Sept. 30, 2014)]

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