Ameriprise Financial has agreed to settle a 401(k) excessive fees claim for $27.5 million.
The settlement – the latest in a string of 401(k) cases in which the plaintiffs were represented by St. Louis-based Schlichter, Bogard and Denton – will affect about 24,000 current and former employees.
The case had been set to go to trial next month. In settling the claim, Ameriprise denied wrongdoing, contending that the fees to the plan were reasonable and that the plan complied with all aspects of ERISA and that it did not commit any fiduciary breaches.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
