Adidas Joins List of Companies Sued Over Fees in Small 401(k)s

Adidas America Inc.'s 401(k) plan charges participants excessive administrative fees, a new proposed class action alleges.

The Adidas plan—which held about $500 million in assets during the five-year period in question—paid more than $6 million in excess fees when compared with similarly-sized 401(k) plans, according to the July 10 lawsuit. The Adidas plan charged annual fees of about $500 per participant, while the average per-participant fee charged by similar plans was closer to $300, the complaint alleges.

This is the third Employee Retirement Income Security Act lawsuit filed this year by Greg Coleman Law and Jordan Lewis PA accusing a ...