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BlackRock Advantage International Institutional ($5.3B)
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DFA Emerging Markets Core Equity 2 ($30.2B)
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JPMorgan International Equity I ($5B)
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American Funds International Growth and Income F2 ($17.2B)
These funds reportedly delivered better performance in both developed and emerging markets, raising serious concerns about why Nokia retained its lower-yielding options.
Seeking Justice for a Class of Employees
Sims and Smith are pressing their case on behalf of a class of current and former Nokia employees who participated in the plan. They’re demanding restitution for all losses allegedly stemming from Nokia’s “breaches of fiduciary duty.”
“Each of these failures constitutes a violation of ERISA,” the suit states. “Together, they’ve cost the plan—and its participants—more than $100 million.”
Legal Firepower on Both Sides
The plaintiffs are represented by legal teams from:
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Kozyak Tropin & Throckmorton LLP
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Seeger Weiss LLP
Notably, Nokia has declined to comment, and legal representation for the company and its committees had not been disclosed as of Monday.
This case adds to a rising wave of lawsuits scrutinizing how major corporations manage employee retirement funds. If the court certifies the class, Nokia could be on the hook for tens of millions in restitution and face lasting reputational damage in how it handles employee benefits.
