Genworth Defends 401(k) Fund Class Axing Over Calls to Rethink

Genworth Financial Inc. defended a decision blocking its employees from bringing class-wide claims over their 401(k) investment options, telling the Fourth Circuit that it correctly parsed the “case-specific” facts and ruled accordingly.

The employees’ “apocalyptic predictions” about the end of 401(k) class litigation “bear no relationship” to the court’s careful treatment of the case’s unique circumstances, Genworth said in a Monday filing with the US Court of Appeals for the Fourth Circuit. The appeals court correctly determined that the case’s legal theory wasn’t suitable for class-wide resolution because some of the proposed class members benefited from the investments being challenged ...