With accusations that Allianz peddled high-cost, in house funds to its employees, the settlement brings to light heightened sensitivity around the fiduciary role of employers and 401(k) plan providers.
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Allianz agrees to settle 401(k) fee lawsuit for $12 million
Participants in the 401(k) plan originally brought the suit, Urakhchin v. Allianz Asset Management of America LP, in October 2015 in California district court. The proposed settlement, which would be split among affected employees who participated in the plan between October 2009 and December 2017, must be approved by a judge in the coming weeks. A spokeswoman for Allianz said the company denies all plaintiffs' claims and believes it acted in the best interests of participants.
