Calls to Rethink Axing of Genworth 401(k) Fund Class Grow Louder

Former Genworth Financial Inc. employees challenging their 401(k) plan’s BlackRock Inc. target-date funds received support from law professors, plaintiffs’ lawyers, and a settlement administrator in their quest to litigate as a certified class.

The US Court of Appeals for the Fourth Circuit should reconsider its March decision rejecting the certification of a mandatory class of Genworth 401(k) plan participants, according to three amicus briefs filed Tuesday in support of the workers’ rehearing petition. That decision is out-of-step with how other courts view fiduciary breach claims challenging 401(k) plan management, which are claims that seek relief on behalf of the ...