Franklin Resources, former 401(k) participant settle ERISA lawsuit

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Franklin Resources, former 401(k) participant settle ERISA lawsuit – Pensions & Investments








































































<br /> <!-- Swiftype Variables --> <br /> Franklin Resources and a former participant in the company’s 401(k) plan settled a lawsuit that claimed the plan violated ERISA rules.Rick Baert<br /> <br /> Franklin Resources and a former participant in the company’s 401(k) plan settled a lawsuit that claimed the plan violated ERISA rules.</p> <p>The amount of the settlement was not disclosed pending a 60-day moratorium on any pretrial and trial deadlines, according to Dec. 6 court filings in U.S. District Court in San Francisco before Judge Claudia Wilken.</p> <p>The former employee and plan participant, Marlon Cryer, sued the $1.1 billion Franklin Templeton 401(k) Retirement Plan, San Mateo, Calif., the parent company and plan executives in late July.</p> <p>Mr. Cryer argued that “better-performing and lower-cost funds were available” and that the 401(k) plan should have offered a stable value fund instead of a money market fund,” according to Mr. Cryer’s original complaint.</p> <p>“Defendants were motivated to cause the plan to invest in Franklin funds to benefit Franklin Templeton’s investment management business,” according to the complaint, which sought class-action status.</p> <p>The plaintiff’s law firm, Bailey & Glasser, could not be immediately reached for further details. A spokesman for the law firm of O’Melveny & Myers, representing Franklin Resources, said the firm had no other information on the settlement. </p> <p>

































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