"The plaintiffs will argue that defaulters are less engaged participants in their investments and will not provide additional data points needed to customize their portfolio. Without the additional data points, a managed account is essentially a target date fund ... As a result, the investment returns from the higher-cost managed account are no different from low-cost target date funds and, therefore, inappropriate to be used as the default option." [Hanigan v. Bechtel Global Corp., No. 24-0875 (E.D. Va. complaint filed May 24, 2024)]  MORE >>