Some of the plaintiffs' attorneys in 401(k) excessive-fee cases are turning out to be big fans of collective investment trusts.
Two large, recent settlements in cases brought by St. Louis-based Schlichter, Bogard and Denton suggest large plan sponsors may be more likely to incorporate CITs in investment lineups in the future.
Settlements with Ameriprise, for $27.5 million, and earlier this year with Lockheed, for $62 million, both came with non-monetary stipulations that the sponsors "consider the use of collective investment trusts" in plan design.
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