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Allianz Can't Duck ERISA Challenge to Mutual Fund Fees
Bloomberg BNA 
Aug. 9, 2016
"In largely denying Allianz's motion to dismiss the case, the judge dealt a blow to the financial companies being hit by an ongoing flurry of lawsuits challenging the in-house mutual funds in the 401(k) plans for their employees.... Allianz tried to have these claims dismissed by arguing that the plan participants lacked standing to challenge the fees of funds in which they weren't personally invested. Judge Josephine L. Staton ... disagreed, explaining ... that the participants' alleged injury related to the defendants' 'management and fund selection process as a whole rather than the unique factual nature of individual funds.' " [Urakhchin v. Allianz Asset Mgmt. of America, No. 15-1614 (C.D. Cal. Aug. 5, 2016)]
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