{"id":6033,"date":"2016-09-14T11:40:10","date_gmt":"2016-09-14T16:40:10","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1117"},"modified":"2022-05-18T15:09:35","modified_gmt":"2022-05-18T20:09:35","slug":"voya-sued-401k-lawsuit-accused-partaking-investment-advice-fee-charge","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/voya-sued-401k-lawsuit-accused-partaking-investment-advice-fee-charge\/","title":{"rendered":"Voya Sued in 401(K) Lawsuit, is Accused of Partaking of Investment Advice Fee Charge \u00a0"},"content":{"rendered":"<p>&nbsp;<\/p>\n<div class=\"WordSection1\">\n<div class=\"\"><\/div>\n<div class=\"\"><span class=\"\">Voya Financial Inc. (VOYA) is the defendant in a 401(k) lawsuit alleging<a href=\"https:\/\/www.securities-fraud-attorneys.com\"> excessive fees<\/a>. According to a Nestle 401(k) Savings Plan participant, Voya and\u00a0managed-account provider\u00a0Financial Engines came up with an arrangement that allowed Voya to collect excessive fees for service related to investment advice, but without disclosing that this was part of their deal. In<b class=\"\"><i class=\"\">\u00a0<\/i><\/b><i class=\"\">Patrico v. Voya Financial, Inc. et al<\/i>., the plaintiff is claiming breach of fiduciary duty under ERISA.<\/span><\/div>\n<div class=\"\"><span class=\"\">\u00a0<\/span><\/div>\n<div class=\"\"><span class=\"\">The proposed class action lawsuit contends that Voya offered participants an advice program via the Voya Retirement Advisers but subcontracted to have Financial Engines give \u00a0 \u00a0 \u00a0the advice.\u00a0 The plaintiff contends that even though Voya didn&#8217;t provide \u201cmaterial services\u201d related to the advice that participants were given through the program, the company collected a fee to which it purportedly had no right. Voya allegedly keeps a \u201csubstantial\u201d part of the fee, while giving some of the fee to Financial Engines.<\/span><\/div>\n<div class=\"\"><span class=\"\">\u00a0<\/span><\/div>\n<div class=\"\"><span class=\"\">Voya denies any wrongdoing.\u00a0<\/span><\/div>\n<div class=\"\"><span class=\"\">\u00a0<\/span><\/div>\n<div class=\"\"><\/div>\n<\/div>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/voya-sued-401k-lawsuit-accused-partaking-investment-advice-fee-charge\/#more-6033\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Voya Financial Inc. (VOYA) is the defendant in a 401(k) lawsuit alleging excessive fees. According to a Nestle 401(k) Savings Plan participant, Voya and\u00a0managed-account provider\u00a0Financial Engines came up with an arrangement that allowed Voya to collect excessive fees for service related to investment advice, but without disclosing that this was part of their deal. [&hellip;]<\/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":[3752,3740],"tags":[3581,2615,2878,3659,2778],"class_list":["post-6033","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-miscellaneous","tag-401k-lawsuit","tag-erisa","tag-fidelity","tag-samuel-poppell","tag-voya-financial"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Voya Sued in 401(K) Lawsuit, is Accused of Partaking of Investment Advice Fee Charge \u00a0 &#8212; Investor Lawyers Blog &#8212; September 14, 2016<\/title>\n<meta name=\"description\" content=\"&nbsp; Voya Financial Inc. (VOYA) is the defendant in a 401(k) lawsuit alleging excessive fees. According to a Nestle 401(k) Savings Plan participant, &#8212; September 14, 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\/voya-sued-401k-lawsuit-accused-partaking-investment-advice-fee-charge\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Voya Sued in 401(K) Lawsuit, is Accused of Partaking of Investment Advice Fee Charge \u00a0 &#8212; Investor Lawyers Blog &#8212; September 14, 2016\" \/>\n<meta name=\"twitter:description\" content=\"&nbsp; Voya Financial Inc. (VOYA) is the defendant in a 401(k) lawsuit alleging excessive fees. According to a Nestle 401(k) Savings Plan participant, &#8212; September 14, 2016\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Voya Sued in 401(K) Lawsuit, is Accused of Partaking of Investment Advice Fee Charge \u00a0 &#8212; Investor Lawyers Blog &#8212; September 14, 2016","description":"&nbsp; Voya Financial Inc. (VOYA) is the defendant in a 401(k) lawsuit alleging excessive fees. 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According to a Nestle 401(k) Savings Plan participant, &#8212; September 14, 2016","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/voya-sued-401k-lawsuit-accused-partaking-investment-advice-fee-charge\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/voya-sued-401k-lawsuit-accused-partaking-investment-advice-fee-charge\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Voya Sued in 401(K) Lawsuit, is Accused of Partaking of Investment Advice Fee Charge \u00a0","datePublished":"2016-09-14T16:40:10+00:00","dateModified":"2022-05-18T20:09:35+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/voya-sued-401k-lawsuit-accused-partaking-investment-advice-fee-charge\/"},"wordCount":534,"keywords":["401(K) lawsuit","ERISA","Fidelity","Samuel Poppell","Voya Financial"],"articleSection":["Financial Firms","Miscellaneous"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/voya-sued-401k-lawsuit-accused-partaking-investment-advice-fee-charge\/","url":"https:\/\/www.investorlawyers.com\/blog\/voya-sued-401k-lawsuit-accused-partaking-investment-advice-fee-charge\/","name":"Voya Sued in 401(K) Lawsuit, is Accused of Partaking of Investment Advice Fee Charge \u00a0 &#8212; Investor Lawyers Blog &#8212; September 14, 2016","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2016-09-14T16:40:10+00:00","dateModified":"2022-05-18T20:09:35+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"&nbsp; Voya Financial Inc. 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