Power Utility Trade Group Settles Suit Challenging 401(k) Fees

A trade association representing more than 900 local electric cooperatives and public utility districts announced plans to settle a proposed class action challenging the fees tied to its 401(k) plan, according to court papers filed in the Eastern District of Virginia.

The July 2 settlement notice would resolve a lawsuit accusing the National Rural Electric Cooperative Association of mismanaging its 401(k) plan in violation of the Employee Retirement Income Security Act. Judge Liam O’Grady allowed the lawsuit to move forward in January, holding that 401(k) participant Thaddius Intravaia had adequately alleged that the association acted imprudently and disloyally by allowing ...