A U.S. District Court judge for the District of Connecticut dismissed a 401(k) lawsuit against Prudential Retirement Insurance and Annuity Company, Prudential Bank & Trust, FSB, CapTrust Financial Advisors and Ferguson Enterprises Inc. that claimed the organizations breached their fiduciary duty by offering high-cost mutual funds in Ferguson’s 401(k) plan.
Judge Victor Bolden said in his dismissal of the case that Prudential, as 401(k) plan provider, was not acting as a fiduciary for the plan. That job was held by plaintiff Richard Rosen’s employer Ferguson Enterprises and the company it hired as an adviser to the plan, CapTrust Financial Advisors. But because the 401(k) plan menu offered lower fee options, like a Vanguard index fund and stable value funds, plan participants had the option to take part in lower cost options.
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