Anthem Inc.'s pension committee must defend allegations that the company’s 401(k) plan carried excessive fees (Bell v. Pension Comm. of ATH Holding Co., 2017 BL 92116, S.D. Ind., No. 1:15-cv-02062-TWP-MPB, 3/23/17).
The proposed class action accuses the committee of including high-fee mutual fund share classes in Anthem’s 401(k) plan and paying excessive record-keeping fees to Vanguard Group Inc. A federal judge largely denied the committee’s motion to dismiss on March 23, saying that choosing high-fee share classes when identical lower-fee classes were available could constitute fiduciary breach under the Employee Retirement Income Security Act.
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