By Rachel Stone (September 30, 2021, 7:31 p.m. EDT) – An Illinois federal court has ruled that Allstate Corp. was facing an ERISA lawsuit brought by a group of current and former workers who claim the insurer cost them nearly $ 70 million by keeping underperforming funds in their profit-sharing pension plan.
In his opinion and order, U.S. District Judge Manish S. Shah denied Allstate’s attempt to dismiss the class action suit proposed by current and former workers in June on the grounds that they lacked standing, that they had not fulfilled their administrative requirements before filing lawsuit and other arguments.
As reported in Tuesday’s order, Allstate’s defendants had claimed that because the seven …
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