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Cintas Corporation Lawsuit

Plan participants in the Cintas Corporation Partners’ retirement plan allege that Cintas Corporation, its board of directors, retirement plan committee, among others, breached fiduciaries duties to the Plan. More specifically, the defendants are accused of failing to ensure that the plan’s investments were prudent with regard to performance and cost, failing to offer the lowest share class for funds offered within the plan, and failure to consider appropriate lower cost and/or better performing investment vehicles such as collective trusts or commingled accounts. Defendants are also accused of “overpaying for recordkeeping services.” Plaintiffs have based claims on “reasonable inferences” regarding the process of fiduciary decision making for such plans.

www.planadviser.com; December 19, 2019.