BDO USA Latest Accounting Firm Sued Over 401(k) Plan Fees, Funds

Three former BDO USA LLP employees accused the accounting firm of mismanaging its $1.2 billion 401(k) plan by filling it with pricey funds and failing to rein in administrative expenses, according to a federal proposed class action filed in Illinois.

The BDO plan’s annual recordkeeping fees averaged more than $85 per person over the past few years, when a reasonable fee would be closer to $35 per person, plan participant Patrick L. Gaines said in the complaint. The plan also offered funds with excessive investment management fees and certain funds that were available in less-costly share classes, Gaines said.

The ...