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Duke Energy Must Face 401(k) Fee Suit After Supreme Court Ruling

Feb. 1, 2022, 4:35 PM

A proposed class action accusing electric power holding company Duke Energy Corp. of mismanaging its 401(k) plan is moving forward after a federal judge in North Carolina said the case is viable under a recent U.S. Supreme Court decision.

Plaintiffs Willard Turpin and Michael Johnson alleged that Duke Energy plan participants “paid excessive record keeping and account management fees” and that the defendants didn’t adequately monitor these expenses, Judge Kenneth D. Bell of the U.S. District Court for the Western District of North Carolina said Monday. Though their allegations are made with “quite a modest level of specificity,” this is ...

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