On May 18, 2016, a lawsuit was filed in the Federal District Court in Minnesota alleging various claims arising out of investment and record keeping fees in an employer’s 401(K) plan. The plaintiffs are seeking for the case to move forward as a class action. The name of the case is Damberg v. LaMettry’s Collission , Inc.
Excessive fee cases are nothing new, but this one is unique. The employer’s plan here had just over 100 active participants and less than $9 million dollars.
Employers with smaller plans will be interested to follow this case and how it may define or change ERISA fiduciary duties in the selection and monitoring of 401(k) and 403(b) plan investment options.
Complaint is here
