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SEI Capital Accumulation Plan Litigation

On September 28, 2018, a lawsuit was filed in the United States District Court for the Eastern District of Pennsylvania alleging that SEI Investments Company and certain of related parties (“SEI”) violated the federal Employee Retirement Income Security Act (“ERISA”) in their management of SEI’s employee retirement plan, the SEI Capital Accumulation Plan.

The case is captioned Stevens v. SEI Investment Companies et al., Case No. 2:18-cv-04205-NIQA.  The case has been assigned to Judge Nitza I. Quinones Alejandro.  A court-stamped copy of the Complaint can be accessed here.

The lawsuit alleges that SEI breached its fiduciary duties of loyalty and prudence imposed by ERISA by limiting the 401(k) menu almost exclusively to proprietary SEI investments, and that as a result of these fiduciary breaches, employees suffered losses due to the excessive fees and poor performance associated with those proprietary investment options.                                      

If you are a current or former employee of SEI Investments Company or its subsidiaries, and had monies invested in the SEI Capital Accumulation Plan within the past six years, you may have a claim for money damages. To discuss your potential claims, or to share information that you might have regarding SEI’s management of its 401(k) plan, please email us, or contact Sean Kelly, our class action clerk, at (612) 256-3275.

For more information about our ERISA practice group, click here. You can also find information about some of our current and prior ERISA cases against other financial services companies by clicking on one of the links below:

American Airlines/American Beacon

American Century Investments

BB&T Corporation

M&T Bank Corporation

Putnam Investments

Prior results do not guarantee a similar outcome. The SEI lawsuit is being handled by attorneys Paul J. Lukas, Esq., Kai H. Richter, Esq., Brock Specht, Esq., Carl F. Engstrom, Esq., and Sarah J. Demers, Esq. of Nichols Kaster, PLLP, 4600 IDS Center, 80 South 8th Street, Minneapolis, MN  55402. Though these attorneys are located in Minnesota, they handle cases in jurisdictions across the country.

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