401(k) Excessive Mutual Fund Fees – Class Action Investigation
C&T is investigating potential class actions against a number of 401(k) plan fiduciaries relating to excessive investment management and administrative fees. Recent reports and a few recently filed class action lawsuits allege that certain 401(k) plan fiduciaries may be selecting higher-priced share classes of mutual funds rather than identical share classes of the same mutual funds that are available at lower costs. As a result, mutual funds in 401(k) plans may be charging fund and administrative fees that are far in excess of rates that could be obtained from comparable funds, to the great detriment of retirement plan participants. Such conduct may be in violation of the Employee Retirement Income Security Act of 1974 as well as other federal and state law.
If you have experienced or realized excessive or inexplicable fund and administrative fees as a result of your participation in your employer’s 401(k) plan, please contact us using the link on this page