American Century Services LLC lost their attempt to get the 401(k) fee lawsuit Nichols Kaster filed on behalf of two of their former employees dismissed. The plaintiffs claim that American Century used the 401(k) plan to benefit American Century's bottom line by loading the plan with its own proprietary investments, and failed to prudently monitor and manage the plan and its investments and expenses. American Century asked the court to dismiss the case and on February 27, 2017, the court rejected all of their arguments. For more information, read Bloomberg's article.
American Century is just one of several financial institutions facing class action lawsuits like this. Nichols Kaster is representing plaintiffs in many of these cases, including those against Deutsche Bank, Allianz Asset Management of America, Putnam Investments LLC, and BB&T Corp.