Aegis Media Sued Over 401(k) Fees, Funds, Joins Growing List (1)

Aegis Media Americas Inc., the U.S. arm of London-based advertiser Dentsu Aegis Network, is the latest large employer to be sued over the fees and investment options in its 401(k) plan, with a proposed class action filed in the Southern District of New York.

The lawsuit, filed May 8 by three former Aegis employees, claims the fiduciaries of the company’s $540 million 401(k) allowed the plan to offer expensive mutual funds without properly investigating cheaper alternatives like collective trusts, separate accounts, passively managed funds, or lower-cost share classes.

“The Plan has retained several actively-managed funds as Plan investment options despite ...