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Milliman Sued Over ‘Untested’ Target Risk Funds in Worker 401(k)

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Jan. 13, 2022, 9:04 PM

Milliman Inc. was hit with a proposed class action claiming its employee retirement plan lost up to $85 million by investing in untested target risk funds with “abysmal” performance records, according to a complaint filed Thursday in federal court in Washington state.

The lawsuit, filed by plan participant Joanna Mattson on behalf of a proposed class of thousands, takes aim at a suite of “target risk” funds from Unified Trust Co., which isn’t named as a defendant. Mattson says the funds, which are tailored to investors with conservative, moderate, and aggressive risk preferences, had no investment track records when they …