Companies with 401(k) plans may not be immune to liability stemming from the mutual fund probe, The Wall Street Journal reports.
Just because they are not a direct part of the investigation doesnt mean the companies with retirement plans should turn away from it, considering the pension laws that require them to act on behalf of the funds they manage.
"Fiduciaries should get as much information as they can as to how the investigation could affect the investment performance of a fund, and its ongoing viability," Gary Howell, a partner in the Chicago law firm Gardner Carton & Douglas told the Journal. "As fiduciaries, they have to satisfy themselves this is still a good investment option."
Howell, along with other industry experts, stress the importance of hiring a pension consultant if they dont already have them or at the least request in writing information regarding investigations into funds companies.