Neuberger Berman the Latest Sued Over In-House Funds in 401(k)

Wealth Management.com
August 09, 2016

A former Neuberger Berman employee is the lead plaintiff on a class-action lawsuit against the asset manager, alleging the firm cost all employees $130 million in retirement savings by putting a proprietary, actively managed investment fund with high fees and low performance as an option inside its corporate 401(k) plan. Plaintiff Arthur Bekker claims that by including its own funds—the Neuberger Value Equity Fund, in particular—in the plan, the firm breached its fiduciary duty. Read More