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Another Fiduciary Breach Lawsuit Filed Against Allstate The new complaint states that the Allstate defendants mishandled the process of picking the plan’s default target-date fund suite. Reported by A new complaint filed in the U.S. District Court for the Northern District of Illinois, Eastern Division, accuses Allstate of various breaches of fiduciary duty and prohibited transactions under the Employee Retirement Income Security Act (ERISA). Many features of the lawsuit echo the numerous other ERISA fiduciary breach lawsuits filed against well-known employers including a separate suit already filed against Allstate. “Throughout the class period, Allstate defendants breached these fiduciary duties,” the complaint states. “In 2011, and again in 2017, they loaded the plan with a suite of poorly performing funds called the Northern Trust Focus Target Retirement Trusts. Allstate defendants kept these funds throughout the class period despite their continued ....
Allstate Faces Additional ERISA Fiduciary Breach Lawsuit A new complaint filed in Illinois echoes allegations leveled against the insurance company in a complaint from November. A new complaint filed in the U.S. District Court for the Northern District of Illinois, Eastern Division, accuses Allstate of various breaches of fiduciary duty and prohibited transactions under the Employee Retirement Income Security Act (ERISA). Many features of the lawsuit echo the numerous other ERISA fiduciary breach lawsuits filed against well-known employers including a separate suit already filed against Allstate. “Throughout the class period, Allstate defendants breached these fiduciary duties,” the complaint states. “In 2011, and again in 2017, they loaded the plan with a suite of poorly performing funds called the Northern Trust Focus Target Retirement Trusts. Allstate defendants kept these funds throughout the class period despite their continued underperformance.” ....