An ERISA class action suit has been filed against Fujitsu Technology & Business of America Inc.’s 401k plan, describing it as the “most expensive plan” of its kind during 2013 to 2014.
Bloomberg BNA elaborates:
Fujitsu’s failure to monitor the plan administrative fees resulted in millions of dollars charged to participants, according to the complaint, filed June 30 in the U.S. District Court for the Northern District of California. The proposed class also alleges that the plan fiduciaries imprudently designed and implemented the plan’s target-date funds feature in violation of the Employee Retirement Income Security Act.
Nichols Kaster PLLP filed the complaint on behalf of eight plan participants. The law firm has recently filed similar complaints against M&T Bank Corp., American Airlines, Inc., and Deutsche Bank Americas Holding Corp.
According to the complaint, had Fujiitsu limited its expenses according to the percentage for similarly-sized plans, participants would have saved around $8 million in fees.
The class action suit is said to comprise between 9,800 to 14,000 participants.