ARTICLE
19 April 2022

Ninth Circuit Revives Second Excessive Fee 401(k) Plan Litigation

PR
Proskauer Rose LLP

Contributor

The world’s leading organizations and global players choose Proskauer to represent them when they need it the most. Our top tier team of star trial attorneys, acclaimed transactional lawyers and exceptionally talented partners and associates have earned a reputation for the relentless pursuit of perfection and a dauntless pursuit of success.
On Friday, for the second week in a row, the Ninth Circuit reversed dismissal of a 401(k) plan excessive fee litigation challenging the offering of retail share classes...
United States Employment and HR

On Friday, for the second week in a row, the Ninth Circuit reversed dismissal of a 401(k) plan excessive fee litigation challenging the offering of retail share classes of mutual funds instead of cheaper institutional share classes. As with its decision reviving the other 401(k) plan litigation (discussed in detail here), the Ninth Circuit declined to consider at the pleading stage defendants' explanation that it offered the more expensive retail share classes because they paid revenue sharing to the plan's recordkeeper, which helped offset plan recordkeeping and administrative fees. The case is Kong v. Trader Joe's Co., No. 20-56415 (9th Cir. Apr. 15, 2022).

Ninth Circuit Revives Second Excessive Fee 401(k) Plan Litigation

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More