(Mid-America Pension Rights Project): 401(k) participants sue AutoZone over alleged ERISA breaches

Via Pensions&Investments

By James Comtois

Participants in a $549 million 401(k) plan sponsored by AutoZone Inc. have filed a class-action lawsuit against the company for violating ERISA.

The suit, filed Wednesday in U.S. District Court in Memphis, alleges that AutoZone breached its fiduciary duties by approving, maintaining and recommending an asset allocation service called “GoalMaker” provided by Prudential Insurance Co. of America, which the participants describe as “abusive.”

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