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Oshkosh Beats 401(k) Fee Appeal Under New High Court Guidance

Aug. 29, 2022, 8:50 PM

Oshkosh Corp. defeated an appeal challenging the fees charged by its $1.1 billion 401(k) plan, when the Seventh Circuit on Monday issued its first ruling on 401(k) fee litigation since the US Supreme Court vacated one of its prior decisions.

None of plaintiff Andrew Albert’s claims—alleging a variety of fiduciary breaches including overpaying for recordkeeping services, maintaining overpriced investment options, and failing to monitor the investment portfolio—were sufficiently plausible to survive dismissal, the US Court of Appeals for the Seventh Circuit ruled.

This is the Chicago-based appellate court’s first official word on the recent explosion in 401(k) plan fee litigation ...