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 doesn’t 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 don’t already have them or at the least request in writing information regarding investigations into funds companies.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.