The MSCI ESG Investor Snapshot on NTRS, dated May 31, 2022, noted Northern Trust client lawsuits under the category of Recent ESG Controversies.
Client lawsuits raise the question of whether NTRS Governance standards & practices fully meet legal requirements. Since the NT ESG Governance rating was below average, the external expert opinion suggests the lawsuits require examination.
Public News on Recent Fiduciary lawsuits against Northern Trust
“Allstate hit with second suit involving Northern Trust funds”. www.pionline.com, January 6, 2021.
“AutoZone sues Northern Trust over alleged ERISA violations”. www.pionline.com, September 27, 2021.
Walgreen Co. will pay $13.75 million and remove a suite of target date funds from Northern Trust from its 401(k) plan, ending an ERISA class action covering nearly 200,000 people. news.bloomberglaw, October 25, 2021.
“Northern Trust sued again for use of proprietary target-date funds”. www.pionline.com, June 8, 2021.
“Northern Trust Sued Over 'Poorly Performing' Target Date Funds” (BY CURRENT AND FORMER EMPLOYEES!!). www.thinkadvisor.com, June 2, 2021.
“Northern Trust Faces New Fiduciary Breach Allegations. The plaintiffs argue the plan lost ‘tens of millions of dollars’ in retirement savings due to the retainment of Northern
Trust Focus Funds.” www.planadviser.com, June 7 2021.
“Northern Trust target dates called out in two 401(k) lawsuits”. investmentnews.com, November 30,2020.