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The recently finalized acquisition of Wells Fargo’s Retirement and Trust business by Principal Financial Group calls to mind an earlier deal, inked by John Hancock and New York Life.
According to plaintiffs in a new ERISA lawsuit, the pension plan in question was underfunded by nearly $6 billion dollars when its assets and liabilities were transferred to a spinoff company.
This was one of Fidelity's arguments in a memorandum to support its motion to dismiss a consolidated lawsuit alleging it is receiving “secret” or “kickback” payments from providers on its FundsNetwork platform.