In a fee-related case, Tibble et al. Allianz Global Investors, Pacific Investment Management Co (Pimco), and their parent company Allianz Asset Management, are being sued in a class-action suit alleging a breach of fiduciary duty due to excessive 401(k) fees. The lawsuit was filed on behalf of more than 10,000 current and former employees at the three firms by lawyers from law firm Davis Polk & Wardwell LLP. This lawsuit follows recent litigation that resulted in other asset managers, such as Fidelity Investments, settling similar, allegedly excessive fees; Fidelity settled a pair of suits for $12m last year.
Allianz Global Investors, Pacific Investment Management Co (Pimco), and their parent company Allianz Asset Management, are being sued in a class-action suit alleging a breach of fiduciary duty due to excessive 401(k) fees. The lawsuit was filed on behalf of more than 10,000 current and former employees at the three firms by lawyers from law firm Davis Polk & Wardwell LLP. This lawsuit follows recent litigation that resulted in other asset managers, such as Fidelity Investments, settling similar, allegedly excessive fees; Fidelity settled a pair of suits for $12m last year.