Judge denies class action in Principa...

Judge denies class action in Principal case

There are 77 comments on the Http story from Sep 10, 2008, titled Judge denies class action in Principal case. In it, Http reports that:

A federal judge has refused to certify as a class action a lawsuit against Principal Financial Group that could have included as many as 57,000 401k plans.

Join the discussion below, or Read more at Http.

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Maribel Fisher

Leesburg, FL

#62 Feb 2, 2010
I'm in the same boat as everyone else. I wonder who received a disproportionate amount of the recent distribution? I didn't but I bet some Principal executives did. I've contacted the law firm filing the lawsuit and I've contacted the SEC to file a complaint.
Heinz

AOL

#63 Feb 2, 2010
I wonder who received a disproportionate amount of the recent distribution?
Maribel, I believe the distribution was 13%. I don't know what anybody else got but it was what the notification said and it's what I got.
Sal

Bethesda, MD

#64 Feb 18, 2010
Principal is contunuing to buy property, as of last year - see their website. If Principal does not have the money to pay out the investors in their U.S. Property Separate Account, Principal should declare BANKRUPTCY. Why is anyone not using this argument in court?
Lynne

Charlotte, NC

#65 Mar 5, 2010
We were all glad to get 13% of our money out of the Separate Accout, but would like the rest to try to make some of the losses back. Any new information about a Class Action case.
email: lynnemaxwell@roadrunner.com
Dennis M

AOL

#66 Mar 17, 2010
It is March, 2010, am I am still in this sinking boat with the rest of you.... any new information? I here the DOL in Kansas City is investigating
Ralph

Kansas City, MO

#67 Mar 24, 2010
Were any of you told that if you left the company you could get liquidated? I heard that and now that I am leaving they say I have to be 66 before I can get it back. But everything is verbal. Have any of you received any type of notices?
Dennis M

AOL

#68 Mar 24, 2010
I first tried to transfer my $$$ out a month after I turned 65...my entire 401K is in the fund. I was told by both my employer AND Principal Financial at that time I could take the money IF I quit my job. My NORMAL retiement age as defined by Principal and my employer is 65 years of age. I asked for a position letter, and I am still waiting. I am told the "compliance" department at Principal is reviewing my requedst.
Dennis M

AOL

#69 Mar 25, 2010
Gail in Ocala, FL.... what is Principal telling you to do to get your money out, since you are over the "normal retirement" age.
Gail N Ocala FL wrote:
I too lost and am still losing. Age 66 now & can't afford to wait 15 years to "make it up." Still working - maybe forever. How can you change the rules in the middle of the game? I trusted these people.
Don't know anything about law suits (class action), but this is wrong!
Don

United States

#70 May 1, 2010
count me in on a classaction lawsuit.. my e-mail address is-dclem1@live.com
Red

AOL

#71 Jul 6, 2010
Don wrote:
my e-mail address is nottis@bellsouth.net. count me in on a class action law suit.
I would also like to be contacted with any information about a class action lawsuit against Principal. I have lost a considerable amount of money in this fund that was supposed to be low risk. I dont disagree with the freezing of the fund, but they also should have frozen the principle. If I couldn't use it to make money, I should not have been able to lose it either.Had I been able to re-invest it in other markets, I could have recovered my losses by now.
I moved money from aggressive funds to this fund because it was supposed to be low risk, then was going to move it back when the market stabilized. I didnt't want to wait like I did in 2000 after the Enron fiasco. I stayed the course then and paid the price!This round I tried to go conservative and put money in a shelter so I didn't lose it and so they just stole it from me.If you ask me this entire 401 thing is a farce. I think the only ones who truly make money from 401's are the companies that administer the funds.If anyone has information about a class action suit on this matter please E-mail me at Gawalla@aol.com
Frank

AOL

#72 Dec 11, 2010
Principal has now initiated warnings and explanations when investing in the real estate fund which were not available before. Principal obviously realized it screwed us, I watched $60K evaporate as my account was frozen. Any new information? ftep@aol.com
Dennis

Pocatello, ID

#73 May 28, 2013
Is anyone still monitoring this thread? Looks like the class action is due to be certified.... lets reactivate this if possible since we may get our money back....
Dennis

Pocatello, ID

#74 Aug 16, 2013
John,

If your are still investigating this, please confirm thru this link and add a secure contact

Thanks,
john wrote:
<quoted text>
I am investigating this and would like to talk to those involved with this plan. Also, I could only find a Prinical class action that was denied in August 08, having to do with ERISA issues, not this accout. This "freeze" didn't go into effect did it until Sept 08, correct
Eric

Fort Smith, AR

#75 Feb 9, 2014
Dennis wrote:
John,
If your are still investigating this, please confirm thru this link and add a secure contact
Thanks,
<quoted text>
Any Updates?
Dennis M

Pocatello, ID

#76 Apr 22, 2014
Not sure how many of you are still monitoring this post, but if you are, check out my website.... www.howdoesa401kwork.com and tell anyone else that had "invested" in the 401k. Principal hates my website, and they are wanting to settle with investors. Send me a comment with your experiences with Principal. Maybe we can make things happen for the common good.
Eric

Fort Smith, AR

#77 Apr 22, 2014
Dennis I will read through your site, looks good. Thanks Eric

How can we contact or email you?
dmyhre943

Twin Falls, ID

#79 Oct 30, 2014
Eric wrote:
Dennis I will read through your site, looks good. Thanks Eric
How can we contact or email you?
Eric..... this case has settled with Principal. I had un-published my website as I was a plaintiff in the litigation, but I refused to sign the settlement agreement and will be re-publishing my website in a few weeks. There were approximately 145,000 investors that did not get a settlement because the judge denied the class action. FYI, the judge also happened to be a classmate of both the CEO and VP of Principal, all three having graduated from Drake University in Iowa in 1979. Nevertheless, the judge refused to recuse himself. While the statute of limitations has likely expired for the investors, there are efforts in place at this time to ask the US Supreme Court to disallow a statute of limitations in a fiduciary relationship.....

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