An attorney friend of mine often repeated the story of the lawyer who saw an auto accident. He said, “I saw the whole thing! I can represent either side!” In the past year or so upwards of $60 Million have been paid in settlements from retirement plans after the accusation of fiduciary breach. These cases rarely win in court, but settling is less costly.
So who benefits from the settlements? The Multnomah Group has compiled a list. These settlements are about more than money, often requiring changes in the administration of the plan. But if you want to understand what is going on, follow the money!
To read more about the study click here.
For more about the 401 (k) Shield click here.
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