09/03/2026
Sanford Heisler Sharp McKnight has filed a $168 million class action complaint against CGI Technologies and Solutions, Inc. and its fiduciaries in the U.S. District Court for the Eastern District of Virginia. The lawsuit is on behalf of the CGI Technologies retirement plan and its participants and alleges that CGI violated their fiduciary duties under the Employee Retirement Income Security Act (ERISA) by failing to remove a poorly performing fund in its retirement savings plan for more than a decade.
Specifically, the Complaint alleges that CGI failed to remove the Columbia Trust Focused Large Cap Growth Institutional 100 Fund from the Plan despite persistent, long-term underperformance since its introduction to the Plan in 2014. From 2014 to February 17, 2025, the Columbia Fund underperformed its benchmark, the Russell 1000 Growth Index, by about 228%. From September 1, 2020, to February 28, 2026, the Columbia Fund lagged the Russell 1000 Growth by more than 61%, or over 7% annually. As a result of this process, the Complaint alleges CGI’s plan lost over $168,000,000 relative to what it could have earned in another fund that only matched the investment returns of the Russell 1000 Growth.
Under ERISA, plan fiduciaries have a duty to monitor investment options and remove funds that consistently underperform. The complaint asserts that a prudent fiduciary would have removed this fund years ago.
Our Financial Services Litigation Practice Group, led by Co-Vice Chairman Charles Field and Nashville Managing Partner Leigh Anne St. Charles, has brought similar cases against UnitedHealth, General Electric, Walgreens, and Transamerica — recovering more than $150 million for plan participants.
If you are a current or former CGI Technologies and Solutions, Inc. employee with questions about your retirement plan, reach out. All inquiries are confidential.
Sanford Heisler Sharp McKnight, filed a $168 Million Complaint in the U.S. District Court for the Eastern District of Virginia alleging that CGI Technologies and Solutions, Inc. and its fiduciaries violated ERISA by keeping a poorly performing fund in its retirement savings plan for more than a deca...