A class-action lawsuit alleging participants paid excessive fees for actively managed mutual funds in a $1.3 billion 401(k) plan has been dismissed in the U.S. District Court for the District of Connecticut.
The complaint alleged plan fiduciaries of Ferguson Enterprises, a Virginia-based wholesaler of plumbing supplies, breached its fiduciary obligations by offering an investment menu laden with excessively expensive mutual funds. Of the plan’s 16 investment options, 11 were actively managed funds.
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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.
