Core Viewpoint - Sanford Heisler Sharp McKnight has filed a class action complaint against Stifel Financial Corp. for alleged mismanagement of its retirement plan, specifically regarding the retention of poorly performing investment funds [1][5]. Investment Performance - The American Century Large Cap Growth Fund has underperformed its benchmark, the Russell 1000 Growth Index, by over 30 percentage points in the last six years (192% vs. 131%) and by 256 percentage points since its inception in 2001 (821% vs. 565%) [3]. - The Artisan Mid-cap Growth Fund has also underperformed its benchmark, the Russell Mid-Cap Growth Index, by 42 percentage points since its introduction in 2014 (217% vs. 259%) [4]. Financial Impact - The complaint alleges that the poor performance of these funds has cost Stifel employees and retirees up to $134 million in retirement savings since March 1, 2020 [6]. - Participants have invested nearly $160 million in the American Century Fund and over $73 million in the Artisan Fund, representing about 7% and 3% of the Plan's assets, respectively [6]. Legal Context - The case is filed on behalf of approximately 10,000 participants and beneficiaries of the Stifel Plan, which has over $2 billion in assets [7]. - The complaint emphasizes that the fiduciaries of the plan breached their duties under ERISA by failing to monitor and remove imprudent investment options [9]. Recent Legal Precedents - The filing follows significant ERISA class action settlements, including a record $69 million settlement against UnitedHealth Group and a $61 million settlement against General Electric [9].