Chamber of Commerce Fires Shots at Surge in 401(k) Litigation

The recent influx of litigation over retirement plan fees is an attempt by the plaintiffs’ bar to “exploit the perceived complexity of ERISA’s statutory scheme” to force unwarranted settlements, the Chamber of Commerce told a federal judge in Washington, D.C.

The Chamber on Monday submitted an amicus brief in a five-month-old lawsuit challenging the fees and investment options in the American National Red Cross’ $1.2 billion retirement plan. The case, which is pending in the U.S. District Court for the District of Columbia, is one of “hundreds of recent cookie-cutter ERISA class actions filed by just a handful of law ...