Prevea Clinic Hit With ERISA Class Action Over 401(k) Fees

Prevea Clinic Inc. and its board of directors were sued in Wisconsin federal court Thursday for allegedly violating ERISA by breaching their fiduciary duties for a 401(k) defined contribution pension plan through “unreasonably high fees for recordkeeping.”

The lawsuit filed in the Eastern District of Wisconsin also accuses the companies and board members of failing to objectively and reasonably review the employer-sponsored Prevea Clinic 401(K) and retirement plan portfolio for prudency.

The complaint comes just days after a similar suit was filed against Massachusetts-based biotechnology company Biogen Inc. More than 40 employers faced proposed actions challenging their retirement plan fees ...