Alaska Investment Corporation Sued Over Retirement Plan Fees

An Alaska Native corporation that manages investments for nearly 9,500 shareholders is facing a new lawsuit claiming its retirement plan underperforms while charging high fees.

The proposed class action accuses Cook Inlet Region Inc. of mismanaging a 401(k) plan that holds about $575 million in assets. The plan was filled with needlessly expensive investment options while paying high fees to third-party service providers, according to the lawsuit.

• The complaint, filed Monday in the US District Court for the District of Alaska, brings claims under the Employee Retirement Income Security Act
• More than a dozen would-be class lawsuits claiming retirement plan ...