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Franklin Templeton Case

Plaintiffs in this class action case allege that Franklin Resources, Inc., the asset management firm operating under the name Franklin Templeton Investments, and those individuals overseeing the 401(k) plan, breached their fiduciary duties under ERISA through the selection of expensive, poor performing proprietary funds instead of lower cost, better performing funds. In so doing, Franklin Templeton and its subsidiaries profited. Allegations also include excessive administrative fees and offering a money market fund in lieu of a stable value fund.

www.investmentnews.com; August 1, 2016.