Mitsubishi Chemical Will Face Trimmed 401(k) Plan Fee Lawsuit

Former Mitsubishi Chemical America Inc. employees advanced portions of a proposed class action challenging the company’s retirement plan management when a federal judge greenlighted claims over certain fund share classes while dismissing other allegations.

The workers can press claims that Mitsubishi Chemical violated federal benefits law by failing to obtain the cheapest available share classes for seven of the plan’s mutual funds, Judge Jennifer L. Rochon said. The company argued these extra fees benefited the plan by offsetting administrative expenses through a revenue sharing arrangement, but whether or not this insulates them from liability under the Employee Retirement Income Security ...