The $168 million claim alleges CGI Technologies cost 401(k) savers millions by leaving a chronically underperforming fund in its retirement plan. The lawsuit alleges CGI breached its duty of prudence under ERISA, the federal retirement-plan law, by keeping the fund despite better choices. Sanford Heisler Sharp McKnight filed the complaint on September 2, 2026, in federal court in Virginia against CGI Technologies and Solutions Inc. and its plan fiduciaries, according to the filing announcement from Sanford Heisler Sharp McKnight filing announcement from Sanford Heisler Sharp McKnight.
The case is pleaded as a class action, Sawyer v. CGI Technologies and Solutions Inc. et al., No. 1:2026cv02904, by former plan participant Linda Joy Sawyer.
Official resource:
- Read the official notice from Sanfordheisler — Use this primary source to verify the official announcement.
Table of Contents
- Which fund is at issue?
- What fiduciary failure is alleged?
- Who may be covered and what is sought?
- What should CGI savers do now?
Which fund is at issue?
The complaint centers on the Columbia Trust Focused Large Cap Growth Institutional 100 Fund. CGI added the fund to its 401(k) Savings Plan in 2014.
It then kept the fund for nearly 12 years. The filing describes the Columbia Fund as one of the market's worst-performing large-cap growth funds. It allegedly trailed its Russell 1000 Growth Index benchmark, lost substantial investor assets, and underperformed since its 2014 introduction, according to reporting from PLANSPONSOR reporting from PLANSPONSOR.
What fiduciary failure is alleged?
The core allegation is failure to monitor. ERISA fiduciaries must review plan investments on an ongoing basis. They must remove options that become imprudent to keep.
Plaintiffs allege CGI did not do that here. The complaint says CGI left the Columbia Fund in place even as poor performance persisted. It also alleges that better-performing alternatives were available for large-cap growth exposure.
Who may be covered and what is sought?
The lawsuit seeks recovery on behalf of affected CGI 401(k) Savings Plan participants and beneficiaries. Coverage turns on investment in the challenged fund during the retention period. The $168 million figure represents alleged retirement-savings losses for that group.
The named plaintiff is a former participant. Class treatment would extend the case beyond one saver if the court certifies the proposed class. Certification has not yet been decided at the filing stage.
What should CGI savers do now?
These are complaint allegations, not a court finding of liability. There is no settlement, award, or guaranteed payment now.
No recovery will occur unless plaintiffs prevail or the parties settle and the court approves relief. Current and former participants should preserve records and watch for formal notices, according to reporting from 401(k) Specialist reporting from 401(k) Specialist. Practical steps include: Do not file a claim yet because no claims process has been announced.
- Keep 401(k) statements showing fund holdings, contributions, and dates.
- Save distribution or rollover records if you left CGI.
- Watch docket notices and mailed or emailed class, settlement, or claims-deadline notices.