AAA Units Hit With ERISA Class Action Over 401(k) Plan
July 6, 2021
Law360 (July 6, 2021, 5:30 PM EDT) -- Subsidiaries of the American Automobile Association were slammed Tuesday with a proposed class action accusing them of mismanaging workers' 401(k) plan to the tune of millions of dollars by choosing high-fee investment options that cut into employees' retirement funds.
Wes Johnson and Tamekia Bottoms accuse car insurance and roadside assistance organizations AAA Carolinas and Auto Club Group Inc. of shirking their duties under the Employee Retirement Income Security Act.
The plaintiffs claim the organizations maintained a menu of costly, poor-performing investment options; failed to diversify those options; engaged in prohibited transactions; and didn't keep an eye on financial services companies they...
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