"An appellate court has rejected certification of a class seeking to sue plan fiduciaries who held BlackRock LifePath target-date funds.... The Fourth Circuit is essentially saying that for defined contribution plans, formal structure cannot hide the fact that damages are individualized account losses.... This opinion ... directly challenges the procedural foundation used in many of the large fiduciary-breach cases over the past 15-20 years." [Trauernicht v. Genworth Fin. Inc., No. 24-1880 (4th Cir. Mar. 10, 2026)]  MORE >>