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Walgreen Target Date Fund Lawsuit

Current and former participants in the Walgreen Profit Sharing Retirement Plan have filed a lawsuit against Walgreen Co., the Plan’s retirement plan committee (and its members), and trustees (and its members), claiming a breach of fiduciary duties under ERISA by selecting the Northern Trust Focus Target Retirement Trusts for the plan, which had a history of underperformance, and retaining the funds regardless of continued underperformance. The funds represent more than 30% of plan assets, holding more than $3 billion. According to data prepared by Morningstar, the projected loss to participants is “upwards of $300 million” since 2014.

www.planadviser.com; August 12, 2019.