Civil Plaintiff

Franklin Templeton settles 401(k) lawsuit for $14M

Franklin Templeton Investments has agreed to pay roughly $14 million to settle a lawsuit alleging the firm profited at the expense of its employees by loading its 401(k) plan with in-house investments.

Franklin Templeton and plaintiffs have reached a preliminary settlement that would see the firm pay $13.85 million, according to a court document filed last Friday in the U.S. District Court for the Northern District of California. The settlement still needs approval from a judge.

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