Cerner Corp. Is Latest Employer Sued Over 401(k) Plan Fees

Four former Cerner Corp. employees accuse the company of filling its 401(k) plan with expensive mutual funds without adequately investigating cheaper alternatives, according to a class action filed Tuesday in the Western District of Missouri.

The health technology company’s $2 billion 401(k) plan offered actively managed funds that carried “grossly excessive fees compared with comparable or superior alternatives,” the employees allege. This caused the plan to lose “millions of dollars” by offering investments that were similar or identical to less expensive alternatives, the employees claim.

The lawsuit seeks to hold Cerner and certain members of its board of directors liable ...