Circuit Court Permits 401(k) Lawsuit Against Wal-Mart to Be Heard

The Eighth Circuit Court of Appeals has reversed the dismissal of Jeremy Braden v. Wal-Mart Stores by the District Court for the Western District of Missouri. The suit alleges that Wal-Mart's pension and 401(k) administrator breached its fiduciary duty by offering retail funds rather than lower-cost institutional funds, which the company could have negotiated, being of such a large size. As a result, the suit alleges, investors lost tens of millions of dollars in retirement savings.

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