Fiduciaries on Intel Corp.'s investment policy committee are being sued in United States District Court for the Northern District of California for directing hundreds of millions of participant 401(k) assets to hedge fund and private equity investments in the company's customer target-date fund.
The suit also alleges participants in the company's customized Global Diversified Fund were exposed to asset allocation models that "departed dramatically from prevailing standards employed by professional investment managers and plan fiduciaries," according to court documents.
That Global Diversified Fund was the sole investment option to the "overwhelming majority" of participants in the plan, the claim alleges.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
- Exclusive discounts on ALM and Treasury & Risk events.
- Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
