The plaintiffs in an excessive fee claim brought against the fiduciaries of a $9 million 401(k) plan have dropped their lawsuit.
The case, Damberg v. LaMettry’s Collision Inc., which was brought under the Employee Retirement Income Security Act, was filed in U.S. District Court for the District of Minnesota this past May. The case was “voluntarily withdrawn” less than one month after its initial filing, according to court documents.
The initial claim captured the attention of retirement policy advocates and ERISA legal experts across the country for the fact that the plaintiffs’ echoed similar allegations brought against sponsors of “mega” 401(k) plans over the past decade.
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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.
