T. Rowe Price Agrees to Class Status in 401(k) Fee Suit

T. Rowe Price Group Inc. agreed May 1 to class certification of a suit alleging it profited at the expense of its employees’ retirement savings by offering, almost exclusively, in-house mutual funds in the company’s $1.7 billion 401(k) plan.

The class covers 8,200 individuals who participated in T. Rowe’s retirement plan since 2011.

A growing number of retirement plan sponsors facing lawsuits claiming retirement plan mismanagement have consented to class status recently.

The workers allege that T. Rowe and its subsidiaries breached their duties of loyalty and prudence in their selection and monitoring of investments for the 401(k) plan.

Judge ...