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Financial Engines and Xerox Questioned in ERISA Suit
planadviser; registration may be required 
Nov. 14, 2016
"[In] order to be included as the investment advice service provider on Xerox HR's platform, plaintiffs suggest [Financial Engines] inappropriately agreed to pay -- and is paying -- Xerox HR a significant percentage of the fees it collects from Ford's 401(k) plan investors.... While the fees are 'being paid ostensibly for "data connectivity services" as described ... on Form 5500,' plaintiffs argue they are in reality 'being paid as part of a so-called 'pay-to-play' arrangement; better described in the pejorative as a kickback.' " [Chendes v. Xerox HR Solutions, No. 16-13980 (E.D. Mich, complaint filed Nov. 9, 2016)]
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