American Century, Workers Move to Trial in 401(k) Fee Lawsuit

American Century Services LLC and its subsidiaries and workers are moving to trial over claims that the financial firm violated federal benefits law by allowing excessive fees and imprudent investments in its 401(k) plan.

American Century will have to keep defending claims that it breached its fiduciary duties under the Employee Retirement Income Security Act after Judge Greg Kays of the U.S. District Court for the Western District of Missouri granted in part the firm’s motion for summary judgment.

There are disputed issues of fact on whether the firm failed to consider investments from other companies, didn’t transfer high-fee investment ...