Levi & Korsinsky, LLP is investigating claims against Prudential Retirement Insurance and Annuity Company, Prudential Bank & Trust, FSB, and Prudential Investment Management Services, LLC (collectively, “Prudential”), for violations of the Employee Retirement Income Security Act (“ERISA”). Specifically, Prudential entered into arrangements with various mutual funds where, in exchange for giving the mutual funds access to Prudential’s customers by including them on Prudential’s menu of investment options, Prudential received kickback payments. Prudential often described these payments as “service fees”; however, the fees bore no relationship to the value of any services actually performed by Prudential.
These fees not only constitute prohibited transactions under ERISA, they are also in violation of ERISA’s fiduciary rules. If you are a participant in a retirement plan serviced by Prudential, we would like to hear from you.
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