Groq, a competitor of Nvidia in the development of AI chips, is reportedly set to be valued at $2.5 billion in a new funding round led by Blackrock. The company is rumored to be raising $300 million with the help of Morgan Stanley, although Groq and Blackrock have not commented on the matter. This new … Read more
A lawsuit has been filed against Cisco Systems and its fiduciaries for allegedly violating ERISA regulations by not including a series of BlackRock’s target date funds as the plan’s Qualified Default Investment Alternative (QDIA). The lawsuit claims that this decision harmed participants in the plan. Cisco Systems and its fiduciaries are facing legal action for … Read more
The fiduciaries involved in a lawsuit regarding BlackRock LifePath’s target-date funds were able to avoid legal consequences by arguing that they prioritized low fees and overlooked underperformance. This is a recurring pattern in lawsuits against BlackRock LifePath’s target-date funds, where fiduciaries defend their actions based on cost considerations and performance evaluations. Article Source https://www.napa-net.org/news-info/daily-news/cisco-again-fends-blackrock-tdf-suit
In a recent development, a federal judge in California has thrown out a class-action lawsuit brought by former employees against Cisco. The lawsuit alleged that Cisco had violated federal benefits laws by offering BlackRock funds as investment options in its $16.4 billion 401(k) plan. The judge ruled in favor of Cisco, stating that the former … Read more
A federal judge recently dismissed a proposed class action lawsuit against Cisco Systems Inc. over its use of BlackRock Inc. target date funds in its employees’ 401(k) plan. Participants in Cisco’s retirement plan had raised concerns about how the company monitored the BlackRock funds, claiming that the comparison to “personalized benchmarks” was not helpful. However, … Read more