Grifols Shared Services Sued Over Retirement Plan Management

Health-care and bioscience company Grifols Shared Services NA is accused of mismanaging its $1 billion 401(k) plan by filling it with high-cost investments and failing to rein in administrative fees, according to a lawsuit filed in California federal court.

Plaintiff Walter Gruber says the Grifols plan, which allegedly covers about 10,550 people, paid unreasonably high fees for recordkeeping services. Grifols plan participants’ annual recordkeeping fees were about $66 per person, which Gruber says is at least $30 more than they should have paid.

Gruber also challenges the plan’s managed account service fees, which he says were excessive and out of ...