U.S. District Court for the Northern District of California on July 26 granted class-action status to a lawsuit filed against Franklin Resources Inc.

The complaint was filed in 2016 on behalf of the Franklin Templeton 401(k) Retirement Plan for alleged breach of fiduciary duties by Franklin Resources and the plan's investment committee, among other things.

A motion by the company to dismiss, and motion for summary adjudication were denied in January.

Franklin Resources has vowed to defend itself against the litigation, saying the claims made in the lawsuit are without merit. The company did say, however, that it cannot predict the outcome of the lawsuit at this stage or estimate the possible loss or range of loss that may arise from any negative outcome.