401K Retirement Plan Class Action Lawsuit Filed Against AEGON
On February 6, 2015, Bailey & Glasser LLP filed a class action lawsuit against AEGON USA, the U.S. subsidiary of Dutch insurance giant AEGON NV. The class action complaint says that AEGON forced its employees’ retirement savings accounts into high-priced AEGON investments and retirement programs. AEGON routinely charged its employees unnecessary and exorbitant fees in their 401(k) plan. AEGON’s employees pay much higher average costs than employees of other billion-dollar retirement plans. Thus the class action complaint concludes that AEGON and its officers violated federal pension law by putting their profit motive ahead of the interests of their employees’ retirement savings. The plaintiffs estimate that AEGON has taken millions of dollars in excessive fees from its employees’ retirement savings. The lawsuit was filed in federal court in Los Angeles, California, where many AEGON subsidiaries operate. Gregory Y. Porter, a partner at Bailey & Glasser’s Washington, D.C. office, leads the plaintiffs in the lawsuit.
AEGON 401K Excessive Fees Case Update
Bailey & Glasser has conferred with AEGON’s lawyers on the subject of moving the AEGON 401(k) plan lawsuit from Los Angeles to Cedar Rapids, and agreed to do so mainly because that is where the plan records are located and where the plan is administered. After the case is transferred, we will develop a case management schedule and begin litigating the class action lawsuit in earnest. We expect the transfer to be completed within sixty days.
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