KUALA LUMPUR (Reuters) - Malaysia's Top Glove Corp, the world's largest medical grade glove maker, said on Saturday some employees at four factories h.
BlackRock must face an Employee Retirement Income Security Act class action accusing it of costing workers and retirees millions in unreasonable 401(k) plan fees and bad investment decisions, after a California federal judge on Tuesday shot down the company's bid to win the suit ahead of a scheduled March 1 trial.
Federal court rejects BlackRock petition for summary judgment in ERISA case
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A U.S. District Court judge in San Francisco rejected BlackRock s petition for summary judgment against a former employee s complaint that the company s 401(k) plan fiduciaries breached their ERISA duties.
The class-action lawsuit, filed in April 2017, accused the fiduciaries of emphasizing proprietary products in the plan. The investment options, the complaint added, underperformed comparable funds and charged higher fees than these funds. The original complaint said 93% of plan assets were invested in BlackRock-affiliated funds.
Judges can grant summary judgment if there are no genuine disputes about material facts, allowing the judges to rule a matter of law, said the Tuesday opinion by Judge Haywood S. Gilliam Jr., citing guidelines of federal rules of civil procedure.