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Lawsuit Alleges Intel 401(k) Cost Participants Hundreds of Millions

Claimants say funds within the defined-contribution plan were managed in ways that 'departed dramatically from prevailing standards' of professional asset managers.

By Nick Thornton, BenefitsPro | Updated on November 04, 2015

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.

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