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Allstate Can't Slip ERISA Suit Over Retirement Plan Options

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By Rachel Stone (September 30, 2021, 7:31 PM EDT) — An Illinois federal court held that Allstate Corp. must face an ERISA suit lodged by a group of current and former workers who claim the insurer cost them nearly $70 million by keeping poor-performing funds in their profit-sharing retirement plan.

In his memorandum opinion and order, U.S. District Judge Manish S. Shah denied Allstate’s attempt to throw out the current and former workers’ proposed class action in June on the grounds that they lacked standing, that they didn’t complete their administrative requirements before filing suit, and other arguments.

As Tuesday’s order recounted, the Allstate defendants had claimed that because the seven…