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Plaintiffs in DST Systems 401(k) Suit Awarded $79 Million
Pensions & InvestmentsLink to more items from this source
Jan. 15, 2021

"The original complaint, filed in September 2017, accused the defendants of pursuing 'an exceptionally imprudent investment strategy with respect to a significant portion of the plan's assets.' The complaint said the defendants 'failed to adequately monitor the investments of the plan and the fiduciaries,' causing participants to lose 'well in excess of $100 million.' According to the proposed settlement, DST Systems will pay $27 million; the investment advisory firm Ruane, Cunniff & Goldberg will pay $21.5 million; and Robert D. Goldberg, the former president and CEO of the firm, will pay $30.5 million."

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