Four former employees of B. Braun Medical Inc. filed a proposed class action in Pennsylvania federal court claiming the company’s retirement plan offers needlessly expensive mutual funds and pays excessive administrative fees.
The lawsuit, filed Wednesday in the U.S. District Court for the Eastern District of Pennsylvania, claims B. Braun filled its $440 million retirement plan with expensive, actively managed funds without adequately investigating lower cost and better performing alternatives. The company “wholly failed” to rein in the plan’s administrative expenses, which were “well above recognized reasonable rates” for plans of this size, the participants alleged.
“Defendants failed in their ...
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