Robbins Geller Obtains Court Approval of Invesco ERISA Settlement
On August 13, 2020, the Honorable Amy Totenberg of the United States District Court for the Northern District of Georgia approved a settlement in Cervantes v. Invesco Holding Co.(US), Inc., a class action that claimed the investment management company put profits ahead of its employees by loading its 401(k) plan with proprietary funds. Robbins Geller represented a class of participants in Invesco’s 401(k) plan who alleged violations of ERISA by plan fiduciaries.
Filed in May 2018, the lawsuit alleged that plan executives who manage the 401(k) plan and provide services to it violated their fiduciary duties by stocking the plan with proprietary investment options and restricting investments in exchange traded funds (“ETFs”) through the plan’s self-directed brokerage feature to ETFs issued by Invesco. The $3.47 million settlement represents a significant portion of the estimated recoverable damages in the case. Invesco also agreed to offer non-proprietary ETFs through the self-directed brokerage feature, as part of the settlement.
Cervantes v. Invesco Holding Co. (US), Inc., No. 1:18-cv-02551-AT, Final Judgment and Order of Dismissal With Prejudice (N.D. Ga. Aug. 13, 2020).
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