Wisconsin-based industrial equipment maker Oshkosh Corp. can avoid a proposed class action by a participant in its 401(k) plan because the participant failed to show the plan pays excessive fees, a federal court in the state ruled.
Plaintiff Andrew Albert argued Oshkosh caused the $1.1 billion plan to pay excessive recordkeeping costs, it didn’t keep the least-costly share class of each fund, it retained high-cost funds, and it paid excessive service provider fees. The company’s failure to act in their best interests caused $15.9 million in unnecessary losses to plan participants, the lawsuit said.
Albert said the recordkeeping fee was ...