{"id":6066,"date":"2016-11-11T16:27:39","date_gmt":"2016-11-11T22:27:39","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1219"},"modified":"2022-05-19T08:49:27","modified_gmt":"2022-05-19T13:49:27","slug":"401k-record-keeper-sued-financial-engines-alleged-pay-play-scam","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/401k-record-keeper-sued-financial-engines-alleged-pay-play-scam\/","title":{"rendered":"401K Record Keeper is sued Over Financial Engine\u2019s Alleged Pay-to-Play Scam"},"content":{"rendered":"<p>Xerox HR Solutions is now the defendant in an alleged pay-to-play scam involving Financial Engines, Inc., which offers investment advisory services through subsidiary Financial Engines Advisors. According to the proposed class action securities case, the pay-to-play scam \u201cconspiracy\u201d involving the two companies compelled participants of Ford Motor Co.\u2019s retirement plans to pay unreasonable and excessive fees. The plaintiffs are three participants in the Ford plan. The 401K-related lawsuit is <em>Chendes et al v. Xerox HR Solutions<\/em>.<\/p>\n<p>According to the complaint, Xerox allegedly was paid a \u201ckickback\u201d by Financial Engines in exchange for including the investment adviser\/managed-account provider on its record-keeping platform. The plaintiffs believe that this deal between the two companies \u201cwrongfully&#8221; inflated the price that Financial Engines charged for its professional investment advisory services. They noted that even without the excessive fees, Xerox was already getting paid a record-keeping fee.<\/p>\n<p>Plaintiffs said that of the $5.8M that participants paid Xerox HR for Financial Engines Services in the pay-to-play scam in 2015, 31% of that\u2014$1.8M\u2014was paid to Xerox. The plaintiffs are alleging that similar payments also occurred in 2012. They contend that the fees in question were not for any \u201csubstantial services\u201d that either company provided to plan participants.<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/401k-record-keeper-sued-financial-engines-alleged-pay-play-scam\/#more-6066\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Xerox HR Solutions is now the defendant in an alleged pay-to-play scam involving Financial Engines, Inc., which offers investment advisory services through subsidiary Financial Engines Advisors. According to the proposed class action securities case, the pay-to-play scam \u201cconspiracy\u201d involving the two companies compelled participants of Ford Motor Co.\u2019s retirement plans to pay unreasonable and excessive [&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":[3740],"tags":[3581,3715,3716],"class_list":["post-6066","post","type-post","status-publish","format-standard","hentry","category-miscellaneous","tag-401k-lawsuit","tag-financial-engines","tag-xerox-hr-solutions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>401K Record Keeper Sued Over Financial Engine&#039;s Alleged Pay-to-Play Scam | Investor Lawyers<\/title>\n<meta name=\"description\" content=\"Xerox HR Solutions is now the defendant in an alleged pay-to-play scam involving Financial Engines, Inc., which offers investment advisory services.\" \/>\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\/401k-record-keeper-sued-financial-engines-alleged-pay-play-scam\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"401K Record Keeper Sued Over Financial Engine&#039;s Alleged Pay-to-Play Scam | Investor Lawyers\" \/>\n<meta name=\"twitter:description\" content=\"Xerox HR Solutions is now the defendant in an alleged pay-to-play scam involving Financial Engines, Inc., which offers investment advisory services.\" \/>\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=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"401K Record Keeper Sued Over Financial Engine's Alleged Pay-to-Play Scam | Investor Lawyers","description":"Xerox HR Solutions is now the defendant in an alleged pay-to-play scam involving Financial Engines, Inc., which offers investment advisory services.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/401k-record-keeper-sued-financial-engines-alleged-pay-play-scam\/","twitter_card":"summary_large_image","twitter_title":"401K Record Keeper Sued Over Financial Engine's Alleged Pay-to-Play Scam | Investor Lawyers","twitter_description":"Xerox HR Solutions is now the defendant in an alleged pay-to-play scam involving Financial Engines, Inc., which offers investment advisory services.","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/401k-record-keeper-sued-financial-engines-alleged-pay-play-scam\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/401k-record-keeper-sued-financial-engines-alleged-pay-play-scam\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"401K Record Keeper is sued Over Financial Engine\u2019s Alleged Pay-to-Play Scam","datePublished":"2016-11-11T22:27:39+00:00","dateModified":"2022-05-19T13:49:27+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/401k-record-keeper-sued-financial-engines-alleged-pay-play-scam\/"},"wordCount":380,"keywords":["401(K) lawsuit","Financial Engines","Xerox HR Solutions"],"articleSection":["Miscellaneous"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/401k-record-keeper-sued-financial-engines-alleged-pay-play-scam\/","url":"https:\/\/www.investorlawyers.com\/blog\/401k-record-keeper-sued-financial-engines-alleged-pay-play-scam\/","name":"401K Record Keeper Sued Over Financial Engine's Alleged Pay-to-Play Scam | Investor Lawyers","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2016-11-11T22:27:39+00:00","dateModified":"2022-05-19T13:49:27+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"Xerox HR Solutions is now the defendant in an alleged pay-to-play scam involving Financial Engines, Inc., which offers investment advisory services.","breadcrumb":{"@id":"https:\/\/www.investorlawyers.com\/blog\/401k-record-keeper-sued-financial-engines-alleged-pay-play-scam\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.investorlawyers.com\/blog\/401k-record-keeper-sued-financial-engines-alleged-pay-play-scam\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.investorlawyers.com\/blog\/401k-record-keeper-sued-financial-engines-alleged-pay-play-scam\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.investorlawyers.com\/blog\/"},{"@type":"ListItem","position":2,"name":"401K Record Keeper is sued Over Financial Engine\u2019s Alleged Pay-to-Play Scam"}]},{"@type":"WebSite","@id":"https:\/\/www.investorlawyers.com\/blog\/#website","url":"https:\/\/www.investorlawyers.com\/blog\/","name":"Investor Lawyers Blog","description":"Published By Investment Fraud Attorneys \u2014 Shepherd Smith Edwards &amp; 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