The plaintiffs allege that the defendants mismanaged retirement plan assets by stuffing target date funds in the Intel plans with expensive, opaque, and esoteric private equity and hedge fund investments. These outlier investments caused Intel employees to lose hundreds of millions of dollars in retirement savings.
The cert petition challenges the 9th Circuit’s “meaningful benchmark” rule that requires comparisons to nearly identical funds.
Mark Boyko represents clients in actions brought under the Employee Retirement Income Security Act of 1974 (ERISA). He has secured judgments and settlements in this area exceeding $500 million.
The $4 million settlement resolves claims that Argent Trust Company, as ESOP trustee, violated ERISA fiduciary duties and rules on prohibited transactions.
ERISA partner Mark Boyko was featured in Bloomberg Law on challenges to private equity in 401(k)s: “the DOL can’t create a regulation that runs contrary to ERISA.”
