Battery maker East Penn Manufacturing Co. was hit with a proposed class action claiming it drained workers’ retirement savings by allowing its $557 million 401(k) plan to pay excessive administrative fees, according to a complaint filed in the U.S. District Court for the Eastern District of Pennsylvania.
The lawsuit, filed Wednesday by plan participant Dennis Hummel, challenges the administrative fees paid to plan service provider Wells Fargo, which isn’t named as a defendant.
Hummel says the East Penn plan paid annual fees that ranged between $101 and $113 per participant, when a reasonable fee for a plan of this size...