Principal Life Beats 401(k) Class Action After Bench Trial
April 10, 2021
Law360 (April 9, 2021, 7:47 PM EDT) -- Principal Life Insurance Co. has defeated an ERISA class action alleging it wrongly profited from a 401(k) investment product it offered, with an Iowa federal judge handing the company a win against a 41,000-member class of retirement savers after a six-day bench trial.
U.S. District Judge John A. Jarvey's Thursday decision marks the second victory for Principal in the Employee Retirement Income Security Act litigation, which the company initially defeated before trial in 2018 but had to fight again after the Eighth Circuit revived the suit in 2020.
The lawsuit, filed in 2014, claimed Principal betrayed the retirement savers it had...
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