(Bloomberg) -- Here’s a term you really don’t want used to describe your 401(k): “One of the most expensive plans in America.”
That’s what law firm Nichols Kaster calls the $1.3 billion retirement plan at the center of a proposed class action against Fujitsu America. In a lawsuit filed last week in San Jose federal court, the attorneys alleged a cornucopia of fiduciary breaches tied to excessive fees, record keeping, and the components of the company's target-date funds. The case, and several like it in the past year, may be harbingers of a new cycle of 401(k)-gone-bad litigation, this time targeting ever-smaller retirement plans.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access