Centerra Workers Advance Bulk of Suit Over Aon 401(k) Fund Swap

September 19, 2021

Sept. 17, 2021, 4:05 PM

Five Centerra Group LLC employees are moving forward with a proposed class action challenging a move to allegedly underperforming trusts from Aon Investments in their 401(k) plan after a South Carolina federal judge trimmed a few of the case’s claims.

Both Centerra and Aon must face claims that they acted imprudently under the Employee Retirement Income Security Act by moving more than 50% of the assets in Centerra’s $350 million 401(k) plan to collective investment trusts offered by Aon, Judge Sherri A. Lydon of the U.S. District Court for the District of South Carolina ruled Thursday. The employees adequately alleged ...