On May 12, 2016, the U.S. District Court for the Southern District of Iowa certified a class of tens of thousands of retirement plan participants who invested in the Principal Fixed Income Option (PFIO) between 2008 and the present. Plaintiffs claim that Principal breached its fiduciary duties and engaged in transactions prohibited by ERISA by setting the credited rate on the PFIO in its own interest rather than in participants’ interests and by paying itself excessive compensation. The class is represented by Feinberg, Jackson, Worthman & Wasow, along with Schneider Wallace Cottrell Konecky Wotkyns LLP, Zelle LLP, and Shindler, Anderson, Goplerud & Weese P.C.
Read the opinion here. Read an article about the decision from Bloomberg BNA here. For additional information, contact Nina Wasow or Todd Jackson.