Whataburger Sued by Former Worker Over 401(k) Plan Investments
Whataburger Restaurants LLC was hit with a proposed class action saying the fast food chain mismanages its employees’ $215 million 401(k) plan by failing to weed out poorly performing actively managed funds.
The lawsuit by former Whataburger employee Manuel Esquivel centers on two actively managed funds offered by the company’s retirement plan: the MainStay Winslow Large Cap Growth Fund Class R1 and the Janus Henderson Triton Fund Class T. Esquivel says these funds consistently underperformed their benchmarks and lost other investors who recognized the “red flags” associated with the investments and withdrew their assets.
Esquivel’s lawsuit, filed Wednesday in the …