Investors might charge the fund's sponsor with materially misrepresenting the risks, financial condition, and performance to investors.

A fund manager (its directors and officers) could be sued by employees for alleged wrongful termination or failure to promote or sexual harassment. The directors and officers portion of this coverage would respond.

If an outside service provider miscalculated performance or other important information, the fund and fund manager could be sued by investors.

A plan sponsor or fiduciary could be sued for breach of fiduciary duties under ERISA laws by failing to offer enough investment choices or failure to properly administer the plan. Also any pension or retirement money is invested in the fund, the fund manager could be held to a fiduciary responsibility.