Lowe's Settles for $12.5 Million and Change

“The terms of an excessive fee settlement have come to light—and there’s a (relatively) unique twist.

The suit was filed nearly two years ago against the plan fiduciaries of the $5.2 billion Lowe’s 401(k) plan and Aon Hewitt Investment Consulting, Inc. (which served as the plan’s fiduciary investment consultant) for breach of their fiduciary duties under ERISA for what participant-plaintiff Benjamin Reetz alleged was an imprudent selection and retention of the Hewitt Growth Fund for the plan.” Continue reading.

(Source: American Society of Pension Professionals & Actuaries (ASPPA))
6-minute read.