Maersk Inc. Faces Lawsuit Over Mismanaged 401(k) Fixed Annuity Investment

Maersk Inc. faces a federal lawsuit alleging mismanagement of its employees' 401(k) plan, specifically regarding the investment of up to $97 million in a fixed annuity fund with John Hancock Trust Co., the plan's trustee. The lawsuit claims that the fixed annuity yielded an unreasonably low rate of return and that Maersk did not fully disclose important details about the investment and the trustee's conflicted interests. The alleged mismanagement could have resulted in losses as high as $22 million for the plan participants. This case highlights issues of fiduciary duty and conflict of interest in corporate retirement plan management, emphasizing the importance of transparency and prudent investment choices in 401(k) plans.