BNY-Mellon, Legg Mason, Alliance Bernstein and Invesco PROPRIETARY 401(k)PERFORMANCE AND FEE INVESTIGATION
Squitieri & Fearon, LLP is investigating claims regarding 401(k) accounts of employees of BNY-Mellon, Legg Mason, Alliance Bernstein and Invesco. Preliminary investigation has uncovered that each of BNY-Mellon, Legg Mason, Alliance Bernstein and Invesco have inserted within each of their respective employee 401(k) plans a menu of investment options which includes large amounts of their own proprietary funds, thus allowing each of them to earn fees from their employees’ retirement savings.
Many of the employer proprietary funds offered in each of the respective 401(k) plans have underperformed peer benchmarks and impose higher than average fees, thus costing the holders of the 401(k) accounts potentially thousands of dollars in lost retirement savings per account. These employers’ inclusion of their own proprietary funds in their employees 401(k) accounts may constitute a violation of the regulations which forbid such arrangements under the “prohibited transactions” provisions of The Employee Retirement Income Security Act of 1974 (“ERISA”).
To join this class action lawsuit, please contact Lee Squitieri, Esq. by e-mail at lee@sfclasslaw.com or by phone at (212) 421-6492.
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