Electrical Company Scores Toss of 401(k) Fee Suit Under New Law

Faith Technologies Inc. on Monday convinced a Wisconsin federal judge to dismiss litigation over the company’s retirement plan fees following a recent Seventh Circuit ruling.

Judge William C. Griesbach adopted the report of a federal magistrate judge, who advised him to reconsider an earlier opinion allowing the case to advance. Claims challenging the Faith plan’s recordkeeping and investment management fees are substantially similar or nearly identical to the ones rejected by the Seventh Circuit in Albert v. Oshkosh Corp., according to the magistrate report.

The electrical company’s plan participants have 30 days to file a new complaint in the ...