Worked for Prudential?
Consumer Advocates, P.L.L.C., is investigating recent accusations that Prudential Insurance Company of America (Prudential) may have hurt its employees' retirement savings by imprudently keeping high-fee investment options in the company's 401(k) plan.
Allegedly, the company chose investment products offered and/or managed by Prudential itself or its subsidiaries, creating substantial revenue for the company at the expense of its employees' retirement savings.
Specifically, according to a complaint recently filed by a plan participant, the company allegedly violated federal law by:
overpopulating the plan with proprietary mutual funds offered by Prudential and its affiliates, failing to monitor the performance of those funds, and failing to adequately disclose the amount of recordkeeping fees received by Prudential, resulting in the payment of grossly excessive fees to Prudential and significant losses to the plan and its participants
Consumer Advocates is investigating these claims on behalf of current and former Prudential employees who are participants in the company's 401(k) plan. If you have worked for Prudential anytime after June 2013 and joined the 401(k) plan, contact us below for additional information.