Mutual of Omaha settles lawsuit

Ary Rosenbaum
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Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Mutual of Omaha Insurance Co. and its subsidiary United of Omaha has agreed to settle Mutual of Omaha’s 401(k) plan over allegations of self-dealing.

The settlement involves a cash payment of $6.7 million as compensation to a class of participants.

The lawsuit alleged that the 401(k) plan’s fiduciaries violated their fiduciary duties by selecting numerous investment options that were Mutual of Omaha proprietary funds. Again, this is the cost of doing business as a mutual fund company/plan sponsor.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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