{"id":5998,"date":"2016-07-22T00:00:00","date_gmt":"2016-07-22T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2016\/07\/employees_of_american_century"},"modified":"2016-07-22T00:00:00","modified_gmt":"2016-07-22T05:00:00","slug":"employees-of-american-century","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/employees-of-american-century\/","title":{"rendered":"Employees of American Century and New York Life Sue over Excessive Fees with 401(K) Lawsuits"},"content":{"rendered":"

Another two asset management firms are the subject of separate (401)K lawsuits filed by their employees . The plaintiffs claim that American Century and New York Life, respectively, charged excessive fees in their retirement savings plans.
\n\u2028In Andrus et al v. New York Life Insurance Company et al<\/em> , a class action lawsuit, plan participants in the the Employee Progress-Sharing Plan and the Agents Progress-Sharing Plan contend that New York Life and affiliated fiduciaries engaged in self-dealing when they kept a MainStay-branded S&P 500 index mutual fund i both retirement plans. New York Life and the subsidiaries own the MainStay brand fund. <\/p>\n

The plaintiffs believe that they improperly benefited from \u201cexcessive fees and expenses.\u201d They argued that because the defendants have a financial interest in the mutual fund, they neglected to look for lower-cost funds between \u201910 and now. Instead, they kept the MainStay fund, which cost 35 basis points, in the two 401(k) plans. They say that this cost participants more than $3M. The plaintiffs are alleging breach of loyalty and prudence under ERISA.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Another two asset management firms are the subject of separate (401)K lawsuits filed by their employees . The plaintiffs claim that American Century and New York Life, respectively, charged excessive fees in their retirement savings plans. \u2028In Andrus et al v. New York Life Insurance Company et al , a class action lawsuit, plan participants […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3740],"tags":[],"class_list":["post-5998","post","type-post","status-publish","format-standard","hentry","category-miscellaneous"],"yoast_head":"\nEmployees of American Century and New York Life Sue over Excessive Fees with 401(K) Lawsuits — Investor Lawyers Blog — July 22, 2016<\/title>\n<meta name=\"description\" content=\"Another two asset management firms are the subject of separate (401)K lawsuits filed by their employees . The plaintiffs claim that American Century and — July 22, 2016\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/employees-of-american-century\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Employees of American Century and New York Life Sue over Excessive Fees with 401(K) Lawsuits — Investor Lawyers Blog — July 22, 2016\" \/>\n<meta name=\"twitter:description\" content=\"Another two asset management firms are the subject of separate (401)K lawsuits filed by their employees . 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