Legg Mason 401k Performance and Fee Investigation
Peiffer Wolf Carr & Kane is investigating Legg Mason employee 401(k) accounts. Our initial investigation has uncovered that Legg Mason inserted substantial amounts of its own proprietary funds in employee 401(k) accounts, allowing it to earn fees from its employees’ retirement savings. We believe that these actions were aimed at benefiting Legg Mason to the detriment of its employees.
Many of the Legg Mason proprietary funds offered in each of its employee 401(k) plans have underperformed and impose higher than average fees. Meaning, Legg Mason is potentially costing participants in its 401(k) plans thousands of dollars in lost retirement savings. By including its own proprietary funds in its employees 401(k) accounts, Legg Mason may be in violation of the regulations which forbid such arrangements under the “prohibited transactions” provisions of The Employee Retirement Income Security Act of 1974 (“ERISA”).
Current or Former Employee of Legg Mason with a 401k?
If you are currently enrolled or were enrolled in a 401(k) plan with Legg Mason, please Contact the Securities Attorney of Peiffer Wolf Carr & Kane for a FREE Consultation by filling out a Contact Form or by calling 504-523-2434.
Legg Mason 401k Lawsuit
Legg Mason is an American investment management firm with a focus on asset management and serves customers worldwide. Legg Mason offers products in equities and fixed income, as well as domestic and international liquidity management and alternative investments.
Legg Mason provides investment products to individuals, institutions and financial professionals in the US, including wealth management solutions, defined contribution, investment only and sub-advisory services financial services. Primarily, they offer mutual funds and other investments to retirement plans and other investors.
Legg Mason offers employees a defined contribution “401k” plan that allows participants to contribute a percentage of their earnings and invest those contributions in one or more investment options offered by the employers’ plans. Legg Mason is a 401k plan fiduciary.
As a fiduciary, Legg Mason is responsible for supervising, monitoring, and evaluating the performance of its 401k plans.
Many of the Legg Mason proprietary funds offered in their employee 401(k) plans have underperformed and impose higher than average fees. Meaning, Legg Mason is potentially costing participants in its 401(k) plans thousands of dollars in lost retirement savings. By including its own proprietary funds in employee 401(k) accounts, Legg Mason may be in violation of the regulations which forbid such arrangements under the “prohibited transactions” provisions of The Employee Retirement Income Security Act of 1974 (“ERISA”).
FREE CONSULTATION | 504-523-2434
If you are a current employee or prior employees of Legg Mason that is or has been enrolled in the employee 401k plan, Contact Us. Peiffer Wolf Carr & Kane has represented thousands of clients, and we remain committed to fighting on behalf of investors with 401k accounts.
Contact Us Today by calling 504-523-2434 or by filling out an online Contact Form for a FREE Consultation. Concerns about possible misconduct and fraud are serious, and we are committed to fighting on your behalf.
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