Northern Trust sued again for use of proprietary target-date funds

Jun 8, 2021 · Two participants in a 401(k) plan administered by Northern Trust Co. sued the company and fiduciaries, claiming ERISA violations in the plan's use of a proprietary target-date series. The lawsuit ...

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Northern Trust Reaches $6.9M Settlement Over In-House TDFs

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Jan 8, 2025 · The lawsuit dates back to 2021, when six participants in the Northern Trust Co. Thrift-Incentive Plan alleged in part that the company’s plan committee failed to prudently …

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$6.9 Million Settlement Struck In Northern Trust Excessive Fee Suit

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Jan 9, 2025 · The parties in an excessive fee suit involving the selection and monitoring of Northern Trust’s Focus Funds in its own 401(k) plan have come to terms. ... The suit — filed in …

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Northern Trust Sued Again Over 401(k) Plan Target Date Funds (1)

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Jun 2, 2021 · Two participants in Northern Trust Co.'s $2.5 billion 401(k) plan filed a federal lawsuit in Chicago claiming plan participants lost tens of millions of dollars by investing in the …

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Northern Trust To Pay $6.9 Million To Settle 401(k) Lawsuit

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Jan 7, 2025 · 401(k) plans souring on Northern Trust target-date funds — including its own Northern Trust settles AutoZone 401(k) ERISA suit for $2.5 million ERISA case against …

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Northern Trust To Pay $6.9 Million Over In-House 401(k) Funds

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Jan 6, 2025 · Northern Trust Co. will pay $6.9 million to settle a lawsuit by employees challenging the in-house target date funds in the financial services company’s $2.7 billion 401(k) plan. …

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Northern Trust Sued Over Target-date Funds In 401(k) Lineup

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Nov 5, 2020 · As of Dec. 31, the Northern Trust Co. Thrift-Incentive Plan had $2.5 billion in assets, according to the company's most recent 11-K filing. As of that same date, the Focus …

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Northern Trust Settles Retirement Class Action For $6.9 Million

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Jan 8, 2025 · The lawsuit claimed the Chicago-based banking giant failed to ... the lawsuit included some of Northern Trust’s proprietary funds. ... 2.7 billion in assets under management …

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Northern Trust $6.9 Million Target Date Fund Settlement Gets Nod

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Jan 29, 2025 · Northern Trust Co.'s $6.9 million class settlement over the in-house target date funds in its employees’ 401(k) plan received initial approval from a Chicago federal judge. The …

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$6.9M Northern Trust ERISA Settlement Seeks ... - ClassAction.org

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Jan 15, 2025 · The proposed class action settlement aims to cover a class of roughly 14,000 participants and beneficiaries of the Northern Trust Thrift-Incentive Plan who were invested in …

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Vanguard To Pay More Than $100 Million To Resolve Violations …

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Jan 17, 2025 · The $106.41 million in ordered relief is in addition to $40 million that Vanguard agreed to pay to settle an investor class action captioned, In re Vanguard Chester Funds …

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FAQs about Northern Trust sued again for use of proprietary target-date funds Coupon?

What happened to Northern Trust focus target retirement trusts?

Instead, in disregard of their fiduciary duties, defendants loaded the plan with poorly performing proprietary funds called the Northern Trust Focus Target Retirement Trusts … and then kept these Funds on the Plan’s investment menu throughout the Class Period despite their continued underperformance.” ...

Did the Northern Trust focus plan lose a lot of money?

The suit states that based on an analysis of data compiled by Morningstar Inc., the “plaintiffs project the plan lost tens of millions of dollars in retirement savings since 2015 because of defendants’ decision to retain the Northern Trust Focus Funds in the Plan instead of removing them.” ...

Why did Northern Trust file an ERISA class-action suit?

Northern Trust was hit with an ERISA class-action suit Tuesday for loading its retirement plan with “poorly performing” proprietary target date funds that underperformed similar offerings. The suit, filed in the U.S. District Court for the Northern District of Illinois, was brought by current and former Northern Trust employees. ...

Did Northern Trust breach its fiduciary duties?

Northern Trust breached its fiduciary duties to prudently select and monitor the plan’s investment options, suit says. For nearly a decade, Northern Trust Focus Funds have performed worse than 70% to 90% of peer funds, suit says. The Northern Trust Focus Funds are the plan’s default investment options. ...

Did Northern Trust fail to monitor investments?

Northern Trust, the suit states, “failed to regularly monitor plan investments and remove or replace ones that become imprudent. ...

Are the Northern Trust focus funds a bad investment?

“For nearly a decade, the Northern Trust Focus Funds have performed worse than 70% to 90% of peer funds,” the suit claims. “Still, Defendants refuse to remove the Northern Trust Focus Funds from the Plan’s menu of retirement investment options. ...