Participants in the Land O’Lakes defined-contribution retirement plan have settled with the company and its plan directors for $1.8 million over charges that the plan didn’t use a prudent process to select investment options.
In the lawsuit filed in 2020, participants also alleged the plan failed to properly monitor record-keeping fees and didn’t use the plan’s asset size as leverage to negotiate lower fees. The company denied any liability or wrongdoing.
The $1.8 million will be allocated to participants on a pro rata basis in exchange for releases and dismissal of the action. The plan’s fiduciaries also will be required to conduct a request for proposal relating to the plan’s record-keeping and administrative services.
The case, Parmer et al. v. Land O’ Lakes Inc., was brought in U.S. District Court in Minnesota. The plaintiffs were represented by Capozzi Adler.
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