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Capital Group Self-Dealing Lawsuit

This lawsuit claims that the Capital Retirement Savings Plan’s investment committee acted in the interest of the company, Capital Group and its subsidiaries, when selecting, retaining and failing to remove expensive proprietary investment option, failing to act prudently and solely in the interest of plan participants and beneficiaries. Further, the lawsuit contends that there were comparable, less expensive, similar or better performing non-affiliated investment options available to the plan. While significant revenue was generated for the Capital Group and subsidiaries, plan participants paid excessive fees that diminished their retirement savings.

www.planadviser.com; June 15, 2017.