Windsor, Connecticut-based Voya Financial was hit with an ERISA class action Tuesday in Connecticut District Court over the administration of its 401(k) Savings Plan. The action, filed by Scott + Scott and Peiffer Wolf Carr Kane & Conway on behalf of several plaintiffs residing in locations across the United States, accuses Voya of acting against the interests of retirement plan participants by including under-performing proprietary Voya funds as plan options. The suit alleges that plan administrators breached their fiduciary duty by choosing and retaining the Voya funds to the exclusion of superior investments. Counsel have not yet appeared for the defendants.
The case is 3:21-cv-01658, Ravarino et al v. Voya Financial, Inc. et al.
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