Bloomberg Law
Feb. 6, 2023, 2:57 PM

Aegis Media 401(k) Plan Fee Challenge Moves Forward in Manhattan

Jacklyn Wille
Jacklyn Wille
Legal Reporter

A proposed class action accusing Aegis Media Americas Inc. of mismanaging its $540 million retirement plan will move forward after a Manhattan federal judge denied the digital marketing company’s motion to dismiss.

Aegis called the case a “hindsight attempt to micromanage the Plan through litigation,” arguing that the allegations about plan investments were based on incorrect, irrelevant, and cherry-picked data. Judge Gregory H. Woods appeared to disagree, denying the company’s motion to dismiss in a Feb. 3 order that didn’t include a written explanation for his decision.

The lawsuit, filed in 2020 in the US District Court for the Southern ...

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