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AT&T Agrees to 245,000-Person Class in Challenge to 401(k) Fees

Aug. 4, 2020, 2:36 PM

A lawsuit accusing AT&T Services Inc. of mismanaging its $35 billion 401(k) plan is headed for resolution on a classwide basis after the company informed a federal judge in California that it wouldn’t fight plan participants’ request for class status.

The parties’ stipulation, filed Monday, paves the way for a class of nearly 245,000 plan participants and beneficiaries in a lawsuit challenging the administrative 401(k) fees paid to plan service provider Fidelity Investments Institutional Operations Co. LLC.

Judge Virginia A. Phillips of the U.S. District Court for the Central District of California declined to dismiss the suit in 2018.

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