Keller Rohrback L.L.P. Announces Investigation into Financial Engines, Inc. Regarding Unlawful “Pay-to-Play” Arrangements

SEATTLE--(BUSINESS WIRE)--Attorney Advertising. Keller Rohrback L.L.P. is investigating claims of an unlawful “pay-to-play” arrangement between several major service providers to employee retirement plans. The investigation focuses on Financial Engines, Inc. (“Financial Engines”—NASDAQ: FNGN). Financial Engines provides investment advice services to 401(k) plan participants—and certain 401(k) plan recordkeepers or plan administrators such as Fidelity Investments, Inc. (“Fidelity”), Hewitt Associates, LLC (“Hewitt”), Mercer Advisors, Inc. (“Mercer”), and Xerox HR Solutions, LLC (“Xerox”). The investigation focuses on whether these entities had a “pay-to-play” arrangement—wherein Financial Engines charged participants of retirement savings plans excessive fees for its investment advice services and agreed to pay Fidelity, Hewitt, Mercer, and Xerox a significant percentage of its fees in exchange for being the exclusive service provider of investment advice on their 401(k) investment platforms.