Plaintiffs have filed an Employee Retirement Income Security Act excessive fee lawsuit against printing company the Taylor Corp. in the U.S. District Court for the District of Minnesota, claiming their retirement plan’s fiduciaries have failed to control recordkeeping costs charged to plan participants.
According to the complaint, at all times during the proposed class period, the plan had at least $575 million in assets under management. As of December 31, 2020, the plan had net assets of more than $877 million and 12,157 participants with account balances, according to the plaintiffs, who say the plan’s size qualifies it as a large plan in the defined contribution marketplace.
“As a large plan, the plan had substantial bargaining power regarding the fees and expenses that were charged against participants’ investments,” the lawsuit states. “The defendants, however, failed to exercise appropriate judgment and permitted the plan’s service providers to charge excessive administrative fees and expenses.”
Using arguments that closely resemble other lawsuits filed by plaintiffs represented by the increasingly active law firm Capozzi Adler, the plaintiffs here allege that the defendants breached the duties they owed to the plan and to the plaintiffs by failing to adequately monitor and control the plan’s recordkeeping costs.
The Taylor Corp. has not yet responded to a request for comment.
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