Lockton Sued Twice Over Retirement Plan’s Target-Date Funds

Insurance and risk management company Lockton Inc. was hit with two proposed class actions challenging the target-date funds in its employees’ 401(k) plan.

The lawsuits, both filed March 6 in the US District Court for the Western District of Missouri, accuse the company of mismanaging its workers’ retirement plan by offering a poorly-performing suite of target-date funds from American Century Investments, which isn’t named as a defendant in either case. These funds were a bad choice for retirement investors and should have been swapped for better options, according to a complaint filed by plaintiff Elizabeth Benotti and one by plaintiffs ...