Genworth 401(k) Fund Class Rehearing Bid Draws Court’s Attention

Genworth Financial Inc. must respond to a petition by former workers seeking to undo an appeals court decision blocking them from challenging their 401(k) plan’s BlackRock Inc. target-date funds as a certified class.

The US Court of Appeals for the Fourth Circuit on Thursday requested Genworth’s take on a petition urging the court to reconsider its March decision rejecting the certification of a mandatory class of employees covered by Genworth’s 401(k) plan. Workers say the ruling breaks from the “unanimous treatment of such claims across federal courts” because it wrongly treats fiduciary breach claims brought on behalf of 401(k) plans ...