Morningstar, Prudential Face Class Action Over Robo-Adviser #investorseurope #roboadvisory | Robo-Advisors and Robo-Advisories |
Morningstar Inc. and two retirement-focused subsidiaries of Prudential Financial Inc. were hit with a proposed class action in Illinois federal court Thursday, with investors accusing the companies of colluding to design a robo-adviser program to steer them toward investments that paid Prudential high fees.