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Judge Lets Portions Proceed in 3M ERISA Challenge to Retirement Funds

3M logo3M
Sig3.30Sen-3.60Env0.00Soc-2.80Gov-5.20

A federal judge in Minnesota allowed key parts of an ERISA lawsuit challenging 3M’s retirement plan target-date funds. The court found participants plausibly alleged the funds substantially and consistently underperformed comparable Fidelity target-date funds, plus claims that 3M failed to adequately monitor plan fiduciaries and made prohibited transactions and self-dealing payments to 3M IMCO. Some underperformance claims were dismissed.

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