Deutsche Bank Workers Get Class Status in 401(k) Fund Suit

Deutsche Bank current and former employees can sue the company as a class for allegedly filling their 401(k) plan with expensive funds that earned fees for Deutsche Bank (Moreno v. Deutsche Bank Americas Holding Corp., 2017 BL 311666, S.D.N.Y., No. 1:15-cv-09936, 9/5/17).

A class of 22,000 to 32,000 participants and former participants in the banking giant’s 401(k) plan was certifed by a federal judge Sept. 5. The company argued that class treatment was inappropriate because about 12,000 plan participants never invested 401(k) dollars in a single in-house fund. The judge disagreed, saying that class certification doesn’t require that ...