A new class-action lawsuit that hopes to include thousands of 401(k) plans in its claim alleges that Empower Retirement earned "disproportionate profits" from revenue-sharing agreements.
The lone named plaintiff is a participant in TPS Parking Management's 401(k) plan.
But the claim proposes that the class of plaintiffs include participants in "all employee pension benefit plans" to which Empower provides a group annuity contract or group funding agreement.
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