Land O’Lakes Sued by Ex-Employees Over 401(k) Fees, Investments

Two former Land O’Lakes Inc. employees say the dairy giant mismanaged their 401(k) plan by filling it with imprudent and high-cost investments without investigating the possibility of cheaper alternatives, according to a proposed class action filed in the District of Minnesota.

Craig Parmer and Mark Laurence say the company doesn’t have a valid system for reviewing the investments in its $1.4 billion 401(k) plan and determining whether the plan’s fees are reasonable. The plan lost millions of dollars by offering investment options that were similar or identical to other options that carried lower fees, the employees said in a complaint ...