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Allianz settles 401(k) plan

Suing companies that have their own proprietary investments in their own 401(k) plan is like shooting fish in a barrel.

Allianz Asset Management of America will pay $7.5 million to settle a class action 401(k) lawsuit filed by current and former employees, according to a U.S. District Court in Southern California.

Participants sued claiming that the company’s 401(k) plan offering of proprietary investments violated ERISA’s rules against self-dealing.

In addition to the payment, Allianz also agreed to hire an independent investment consultant to evaluate and review the plan.

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