Suits Target 401(k) Fees

Several major corporations are facing lawsuits claiming they charged hidden, excessive or high fees to employees participating in 401(k) plans.

Among the companies named as defendants are The Boeing Co., Kraft Foods Inc., Bechtel Group Inc., General Motors Corp., and Radio Shack Corp., according to the National Law Journal.

Schlichter, Bogard & Denton of St. Louis has filed 13 class actions since September against major companies that target fees or revenue-sharing arrangements between the companies and their 401(k) plans.

A claim for excessive fees in 401(k) plans is “like the newest toy in the toy box” for the plaintiffs bar, Gregory Ash, an Overland Park, Kan., lawyer who is helping defend companies in such suits, told the legal newspaper.

We welcome your comments, but please adhere to our comment policy and the ABA Code of Conduct.

Commenting is not available in this channel entry.