’s 401(k) Fee Victory Heads to Ninth Circuit

May 14, 2021

Three former employees will take their lawsuit challenging the fees and investment options in the company’s $2 billion 401(k) plan to the U.S. Court of Appeals for the Ninth Circuit, they announced Friday.

The employees are appealing an April ruling by Judge Maxine M. Chesney of the U.S. District Court for the Northern District of California, who has twice dismissed their proposed class action under the Employee Retirement Income Security Act. Chesney said the lawsuit was based on inappropriate comparisons among investment options and allegations of minor underperformance over a short time frame.

This move gives the Ninth Circuit...