A class action lawsuit has been filed against Transamerica Corporation.
The lawsuit claims the company invested employee retirement savings into funds that consistently underperform in their investment benchmarks and similar funds.
Documents allege Transamerica has cost its employees millions of dollars in retirement savings that were a part of the Transamerica 401(k) Plan.
Plaintiffs Jeremy Karg, Matthew R. LaMarche, and Shirley Rhodes have each filed the case individually as representatives of the estimated 17,000 participants of Transamerica's 401(k) Plan.
Documents list the Transamerica Corporation and the committees and their members that provide investment advice and services to the Plan as the defendants.
The Plaintiffs claim Transamerica has failed to select investment options and monitor their performance, which is required by ERISA.