SAN FRANCISCO – A plan participant has filed a class-action lawsuit alleging the plan's investment committee breached its fiduciary duties.
Marlon H. Cryer filed a complaint on behalf of all other persons similarly situated and on behalf of the Franklin Templeton 401(k) Retirement plan on July 28 in the U.S. District Court for the Northern District of California against Franklin Resources Inc., the Franklin Templeton 401 (k) Retirement Plan Investment Committee and Does 1-25 alleging violation of the Employee Retirement Income Security Act.
According to the complaint, the plaintiff alleges that he sustained damages as the result of the plan administrator investing on an imprudent investment option. The plaintiff holds Franklin Resources Inc., the Franklin Templeton 401(k) Retirement Plan Investment Committee and Does 1-25 responsible because the defendants allegedly breached their fiduciary duties by not investing in better-performing and lower-cost funds. The suit states that during the class period, the plan lost several million dollars.
The plaintiff seeks disgorgement, restore all loses to the plan, monetary relief, all legal fees and interest, and any other relief as the court deems just. He is represented by Gregory Y. Porter and Mark G. Boyko of Bailey & Glasser LLP in Washington, D.C.; Mark P. Kindall and Robert A. Izard of Izard Kindall & Raabe LLP in West Hartford, Connecticut; and Joseph A. Creitz and Lisa S. Serebin of Creitz & Serebin LLP in San Francisco.
U.S. District Court for the Northern District of California Case number 3:16-cv-04265-EDL