On July 22, 2025, we filed a lawsuit on behalf of participants in the Franklin Templeton 401(k) Retirement Plan (the “Plan”). The lawsuit alleges that the Plan’s fiduciaries (the Defendants in the case) violated the Employee Retirement Income Security Act (ERISA) by failing to act prudently or in the best interest of Plan participants and beneficiaries in managing the Plan’s investment options.

If you are a current or former participant in the Plan within the past six years, you may have a claim for damages. To learn more about the case or discuss your potential claims, please contact Kailee Shermak, our Case Development Clerk, by phone at (612) 256-3219 or by email at kshermak@nka.com.

 The lawsuit seeks to recover the Plan’s financial losses and other equitable relief. For a copy of the Amended Complaint, click here. 

This case is entitled Ang et al. v. Franklin Resources, Inc. et al., Case No. 3:25-cv-06130 (N.D. Cal.)

Case Updates

October 15, 2026

On September 24, 2026 Plaintiffs filed a motion for class certification, requesting that the court certify the following proposed class: All participants and beneficiaries of the Franklin Templeton 401(k) Retirement Plan that were invested in funds managed by Franklin and its affiliates at any time on or after July 22, 2019, excluding any persons with responsibility for the Plan’s investment or administrative functions. Plaintiffs also moved the Court to appoint Plaintiffs as the class representatives for the class, and Plaintiffs’ counsel as class counsel (Nichols Kaster, PLLP; Stephen Zouras, LLC; and Don Bivens, PLLP). A hearing on this motion is scheduled for December 17, 2026.

Attorneys

• Brock J. Specht
• Matthew Helland
• Josh O’Neill  
• Cole Birkeland

Staff

• Amy Jorgenson