Banking Co. says exclusive fund argument is too extreme

Law360 (June 18, 2021, 8:33 p.m. EDT) – Associated Banc-Corp is fighting allegations it flouted ERISA by letting its employees invest their retirement savings in underperforming company-affiliated funds, urging a Wisconsin federal judge to dismiss what the company characterized as a misguided crusade against financial institutions placing affiliate funds into their retirement plans.

In a brief filed Thursday, the Green Bay, Wisconsin-based banking company urged U.S. District Judge William C. Griesbach to dismiss a proposed class action lawsuit under the Employees Retirement Income Security Act filed in January challenging Associated Banc-Corp’s 401 (k) plan investments.

The company argued that its workers took both too aggressive and too broad a stance in their …

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