A former Cemex Inc. driver advanced a proposed class action challenging the company’s retirement plan fee levels by making comparisons to sufficiently similar plans that paid less for administrative services.
The driver can proceed to discovery on claims that Cemex breached its fiduciary duties under federal benefits law by allowing its retirement plan to pay annual administrative fees as high as nearly $58 per person, Magistrate Judge Andrew M. Edison said in an Aug. 8 opinion. The driver pointed to four other retirement plans as better-run alternatives, and two of those plans appear similar enough to Cemex’s plan to ...
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