Eli Lilly Dings 401(k) Fee Lawsuit as Failed Copycat Pleading

Eli Lilly & Co. defended its $8.2 billion 401(k) plan from allegations of high fees and mismanagement, telling an Indiana federal judge that the complaint filed against it was copied and pasted from a similar lawsuit against Kroger Co.

The recent “explosion” in litigation over 401(k) plan fees is driven by complaints copied from other cases, “with little investigation beyond reviewing the plans’ annual public filings,” Eli Lilly said Monday in a motion to dismiss. This case is no exception, the company said, noting that the “file name of the complaint uploaded to the Court’s ECF system is entitled ‘Kroger ...