Waddell & Reed latest active fund manager sued for 401(k) self-dealing
The plaintiff claims the company only offered one unaffiliated investment option during the class period, resulting in excessive fees for participants.
Waddell & Reed Financial Inc., which sponsors the Waddell & Reed and Ivy-branded investment funds, has been sued for self-dealing in its own 401(k) plan, joining a string of other asset managers to have been targeted recently for similar allegations.
Plaintiff Stacy Schapker, a participant in Wadd
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