Auto-Owners Insurance Co. scored a court order dismissing claims that it wrongly invested about one-third of its retirement plan assets in an in-house stable value fund that produced meager returns.
The proposed class action raises a legal theory no court appears to have ever endorsed, Judge Hala Y. Jarbou said Tuesday for the US District Court for the Western District of Michigan. Plaintiff Reid Gritsavage, an Auto-Owners employee covered by its retirement plan, doesn’t claim the plan’s stable value fund performed poorly or that it should have been eliminated; rather, he claims it’s imprudent to keep so much of the ...