Quest Can't Ditch ERISA Class Action Over 401(k) Investments
May 6, 2021
Law360 (May 5, 2021, 7:39 PM EDT) -- Quest Diagnostics Inc. must face a proposed ERISA class action claiming its 401(k) plan invested in subpar mutual funds, with a New Jersey federal judge ruling Wednesday that four Quest ex-workers provided enough support for their mismanagement allegations to get the suit past the company's dismissal bid.
The former employees used data to support their argument that the mutual funds consistently underperformed while charging too-high fees, lending credence to their allegations that continued investment in these funds violated the Employee Retirement Income Security Act, U.S. District Judge Susan D. Wigenton ruled in an order denying Quest's motion to dismiss the suit....
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