Ex-Evonik Corp. Workers Advance Challenge to 401(k) Funds, Fees

Two former Evonik Corp. employees are moving forward with a proposed class action challenging the fees and investment options in the company’s $1 billion 401(k) plan, after a New Jersey federal judge declined to dismiss the lawsuit’s core claims.

The lawsuit, led by retirement plan investors Daniel Silva and Rhonda Allen, states valid claims under the Employee Retirement Income Security Act based on the plan’s investment options and recordkeeping fees, Judge Madeline Cox Arleo of the U.S. District Court for the District of New Jersey held Wednesday.

Silva and Allen claim plan fiduciaries kept expensive funds in the plan despite ...