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Oshkosh Corp. Wins Dismissal of 401(k) Fee Class Action

Sept. 3, 2021, 3:46 PM

Wisconsin-based industrial equipment maker Oshkosh Corp. can avoid a proposed class action by a participant in its 401(k) plan because the participant failed to show the plan pays excessive fees, a federal court in the state ruled.

Plaintiff Andrew Albert argued Oshkosh caused the $1.1 billion plan to pay excessive recordkeeping costs, it didn’t keep the least-costly share class of each fund, it retained high-cost funds, and it paid excessive service provider fees. The company’s failure to act in their best interests caused $15.9 million in unnecessary losses to plan participants, the lawsuit said.

Albert said the recordkeeping fee was ...