Deloitte Backed by Chamber in Appeal Over 401(k) Plan Fees

Deloitte LLP got support from the US Chamber of Commerce in its effort to sink an appeal over its 401(k) plan fees, with the organization calling the lawsuit a “20/20 hindsight” attack.

The complaint against Deloitte includes no details about the company’s fiduciary process and instead relies on “inapt comparators” and hindsight to argue that the company didn’t choose the cheapest available 401(k) recordkeeper, the Chamber told the US Court of Appeals for the Second Circuit in a Feb. 9 amicus brief.

The Chamber urged the court to reject the Deloitte workers’ “diluted pleading standard,” which would allow Employee ...