Deutsche Gets Chamber Backing in Opposing 401(k) Fee Case

The U.S. Chamber of Commerce is urging a federal court of appeals to review an order that granted class treatment to at least 22,000 Deutsche Bank workers challenging the allegedly high fees in their 401(k) plan (Deutsche Bank Americas Holding Corp. v. Moreno, 2d Cir., No. 17-02911, amicus brief filed 9/26/17).

No appeals court has resolved the issue of whether challenges to defined contribution plans, such as 401(k) plans, can be brought as mandatory class actions under certain federal civil procedure rules, the Chamber said in a brief filed Sept. 26 in the U.S. Court of Appeals for ...