Bechtel Defeats Lawsuit Over 401(k) Managed Account Service

Bechtel Global Corp. secured another court order dismissing a retiree’s proposed class action saying the engineering firm mismanaged its $5.7 billion retirement plan by defaulting workers into a pricey managed account service.

The retiree’s latest complaint still fails to provide a meaningful benchmark by which to judge the fees charged by Bechtel’s managed account service, Judge Anthony J. Trenga of the US District Court for the Eastern District of Virginia said in a Jan. 10 opinion. The retiree compares the service to target date funds she says would be a better and cheaper alternative, but she includes no ...