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ATTENTION 401(k) Committee Members and Investment Fiduciaries \u2013 a recent Class Action Complaint that retirement plan committee members should be aware of.
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\nOn May 26, 2020, a Class Action Complaint was filed in the United States District Court for the District of Minnesota against Land O\u2019Lakes, Inc., the Board of Directors of Land O\u2019Lakes, Inc., Land O\u2019Lakes, Inc. Retirement Plan Committee, and John Does.
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\nThe allegations involved should be of significant interest to all committee members and investment fiduciaries.  These include:

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• \u201cfailing to objectively and adequately review the Plan\u2019s investment portfolio with due care to ensure that each investment option was prudent, in terms of cost; and
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• \u201cmaintaining certain funds in the Plan despite the availability of identical or similar investment options with lower costs and/or better performance histories.\u201d
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\u201cDefendants\u2019 mismanagement of the Plan, to the detriment of participants and beneficiaries, constitutes a breach of the fiduciary duties of prudence and loyalty, in violation of 29 U.S.C. \xa7 1104.  Their actions were contrary to actions of a reasonable fiduciary and cost the Plan and its participants millions of dollars.\u201d
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\nBased on this conduct, Plaintiffs assert claims against Defendants for breach of the fiduciary duties of loyalty and prudence (Count One) and failure to monitor fiduciaries (Count Two). 
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\nThis webinar will provide actionable steps that investment fiduciaries can take to defend themselves from similar actions.  The discussion will not only review components of this case but answer specific questions regarding appropriate fiduciary behavior and actions that can be taken by committees to thwart claims similar to the Land O\u2019Lakes Complaint.