A federal class action lawsuit concerning BlackRock’s 401(k) Plan alleges that the Plan’s fiduciaries violated their duties under the Employee Retirement Income Securities Act (“ERISA”) by investing employees’ 401(k) savings almost exclusively in BlackRock proprietary funds. As a result of this corporate self-dealing, plan participants incurred excessive layered fees on poor-performing investments within their retirement accounts. This suit seeks to recover $60 million in losses sustained by the plan participants through excessive fees and underperformance. Additional information on the case can be found here.
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The attorneys on this case are Karen Handorf (admitted to practice in Wisconsin and the District of Columbia), Michelle Yau (admitted in Massachusetts and the District of Columbia), Julia Horwitz (admitted in Maryland and the District of Columbia), and Daniel Sutter (admitted in Maryland).
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