Companies that offer American Century Investments target-date funds in their 401(k) plans have seen a flurry of new lawsuits, with the latest proposed class action filed against medical device maker Insulet Corp.
In the past month, plaintiff-side law firm Milberg PLLC has also brought federal lawsuits challenging the American Century target-date funds offered to employees of FJ Management Inc., Johns Hopkins Health System Corp., Sig Sauer Inc., Boyd Gaming Corp., and Digi-Key Corp. The complaints—none of which name American Century as a defendant—say the funds consistently underperformed similar investment options and should have been removed ...