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Hidden Fees in 401(k) Plans Spur Lawsuits
Posted by: Melville Johnson, P.C.
May 27, 2008
Topic: Erisa Retirement Benefits
The Attorneys at Melville Johnson, P.C. can provide this type of employment law representation for you:
Congress and the U.S. Department of Labor are reviewing the hidden fees in 401(k) retirement plans that have been the subject of suits brought under the Employee Retirement Income Security Act of 1974 (ERISA). The plaintiffs have classified these fees as hidden, because the management fee is often a lump sum that includes the costs of separate services by different providers, which makes it difficult for participants to compare costs among similar plans.
Two recent class action suits filed pursuant to ERISA, Grabek v. Northrop and Heidecker v. Northrop , have been stayed pending a federal civil appeal of the denial of class certification. The defense attorneys have argued that plaintiffs' attorneys will have a difficult time proving negligence over excessive 401(k) fees. 401(k) cases alleging violations of ERISA have appeared in the wake of the U.S. Supreme Court decision in LaRue v. Dewolff, Boberg & Associates , which permitted individual participants to sue their employers for fiduciary negligence. The Attorneys at Melville Johnson, P.C. have experience in all types of ERISA suits and have represented similar clients in many types of employment law matters.
This article is largely based on a National Law Journal Article written by Peter Page on May 6, 2008.
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Erisa Retirement Benefits
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