Aon Beats Challenge to 401(k) Robo-Adviser Fees

Aon Hewitt escaped a proposed class action challenging its fee arrangement with online investment adviser Financial Engines Inc.

The lawsuit , filed on behalf of investors in Caterpillar Inc.'s 401(k) plan, accused Aon Hewitt Financial Advisors and Hewitt Associates of running an illegal kickback scheme with Financial Engines that caused 401(k) investors to pay millions of dollars in excessive and unnecessary fees. A federal judge dismissed the lawsuit on March 19, saying that neither Aon Hewitt entity was a fiduciary under the Employee Retirement Income Security Act with respect to the disputed fees.

Aon plc, once a leading provider of ...