For more stories like this, sign up for the PLANADVISERdash daily newsletter.
Compliance December 28, 2012
Pretrial Date Set for Ameriprise Case
The case against Ameriprise Financial Inc. over its 401(k)
investment options is moving forward with a pretrial conference date set for
early next month.
Reported by Jay Polansky
The United States District Court for the District of Minnesota scheduled an initial pretrial conference for January 7, 2013 at 2 p.m.
The plaintiffs – all of whom are or were Ameriprise 401(k) participants – allege Ameriprise provided “imprudent and unreasonably expensive investment options” for its 401(k) participants and breached their fiduciary duty under the Employee Retirement Income Security Act (ERISA).
The plaintiffs propose a trial date of December 9, 2013, or after, and the defendants – alleged fiduciaries to the plan under ERISA – propose a trial date of July 31, 2014, or after.
Earlier this month, a judge denied Ameriprise’s motion to dismiss (see “Ameriprise Fund Selection Suit Moves Forward”).