Cumulus Faces New 401(k) Fee Suit After Beating Earlier Attempt

Seven participants in Cumulus Media Inc.'s 401(k) plan filed a proposed class action accusing the radio company of filling the plan with high-cost funds and not removing them in a timely fashion.

The Cumulus plan offered funds that could have been obtained at a lower price, including “branded” target date funds that carried higher fees than identical options available directly from the provider, the participants said in a complaint docketed Friday in the US District Court for the Northern District of Georgia.

Cumulus also failed to appropriately monitor the plan’s annual administrative fees, which ranged between $68 and $284 per ...