Alliance Bernstein & Eaton Vance 401k Performance and Fee Investigation

Alliance Bernstein & Eaton Vance 401k Performance and Fee Investigation

Peiffer Wolf Carr & Kane is investigating Alliance Bernstein and Eaton Vance employee 401(k) accounts. Our initial investigation has uncovered that Alliance Bernstein and Eaton Vance have inserted substantial amounts of their own proprietary funds, allowing both of these companies to earn fees from their employees’ retirement savings. We believe that these actions were aimed at benefiting themselves to the detriment of their customers.

Many of the Alliance Bernstein proprietary funds and Eaton Vance proprietary funds offered in each of their employee 401(k) plans have underperformed and impose higher than average fees.  Meaning, Alliance Bernstein and Eaton Vance are potentially costing participants in their 401(k) plans thousands of dollars in lost retirement savings.  By including their own proprietary funds in their employees 401(k) accounts, Alliance Bernstein and Eaton Vance may be in violation of the regulations which forbid such arrangements under the “prohibited transactions” provisions of The Employee Retirement Income Security Act of 1974 (“ERISA”).

Alliance Bernstein 401k Lawsuit | Eaton Vance 401k Lawsuit

Alliance Bernstein is an asset management firm providing investment management and research services to institutional, high-net-worth and retail investors. Eaton Vance and its affiliates offer individuals and institutions investment products and wealth management services and creation, marketing, and management of investment funds.

Both companies provide investment products to individuals, institutions and financial professionals in the US, including wealth management solutions, defined contribution, investment only and sub-advisory services financial services.  Primarily, they offer mutual funds and other investments to retirement plans and other investors.

These companies offer employees a defined contribution “401k” plan that allows participants to contribute a percentage of their earnings and invest those contributions in one or more investment options offered by the employers’ plans.  Both Eaton Vance and Alliance Bernstein are 401k plan fiduciaries.

As fiduciaries, Eaton Vance and Alliance Bernstein are responsible for supervising, monitoring, and evaluating the performance of their respective 401k plans.

Many of the Alliance Bernstein proprietary funds and Eaton Vance proprietary funds offered in each of their employee 401(k) plans have underperformed and impose higher than average fees.  Meaning, Alliance Bernstein and Eaton Vance are potentially costing participants in their 401(k) plans thousands of dollars in lost retirement savings.  By including their own proprietary funds in their employees 401(k) accounts, Alliance Bernstein and Eaton Vance may be in violation of the regulations which forbid such arrangements under the “prohibited transactions” provisions of The Employee Retirement Income Security Act of 1974 (“ERISA”).

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Peiffer Wolf (1295 Posts)


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.