Seven Firms Sued for Excessive 401(k) Fees

Seven major corporations have been sued for allegedly allowing mutual funds firms to charge millions of dollars in excessive 401(k) fees through hidden revenue-sharing agreements, the Los Angeles Times reports.

The fund companies, unnamed, allegedly charged higher fees and shared the revenue-sharing portion with 401(k) administrators that determined which funds should be included in the plan, without letting plan participants know about the deals.