Page 428 - DCAC Feb 2026 Files

Natixis Lawsuit Dismissed

Waldner v. Natixis Investment Managers, L.P.

• The plaintiffs alleged that Natixis, an investment manager violated ERISA duties of loyalty and

prudence by including in the plan’s fund menu proprietary funds that “underperformed” and

generated lower returns.

• The case went through a full trial with Committee member testimony.

• The judge found that the fiduciaries followed a prudent process –

– Hired an independent fiduciary (consultant);

– Held regular meetings;

– Received ongoing fiduciary education;

– Maintained an IPS;

– Changed share classes; and,

Source: October Three, July 7, 2025.
– Monitored investment performance and made changes when warranted.

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• It’s important for fiduciaries to follow a prudent process and document the same. 12