Question: I am 66 years old. I never had a financial adviser until my sister left me an inheritance 8 years ago. In that time, the first adviser changed.
Natixis 401(k) participant charges self-dealing in ERISA suit
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A participant in a 401(k) plan run by Natixis Investment Managers sued the company and plan fiduciaries, alleging ERISA violations including unlawful self-dealing in the management of the plan. Defendants fail to administer the plan in the best interest of participants and fail to employ a prudent process for managing the plan, said the complaint filed Feb. 18 in a U.S. District Court in Boston, seeking class-action status. Defendants have managed the plan in a manner that benefits Natixis at participants expense, using the plan as an opportunity to promote Natixis s mutual fund business and maximize profits at the expense of the plan and its participants, said the complaint in the case of Brian Waldner vs. Natixis Investment Managers LP et al.