Ex-ManTech Employees Drop Lawsuit Challenging 401(k) Plan Fees

Four former employees of defense contractor ManTech International Corp. are dropping their proposed class action claiming the company’s 401(k) plan is full of expensive funds that drained millions of dollars in retirement savings, according to court papers filed in the Eastern District of Virginia.

The notice of voluntary dismissal, filed July 2, comes seven weeks after the employees filed a lawsuit accusing ManTech of violating the Employee Retirement Income Security Act. They claimed the company filled its $839 million 401(k) plan with pricey mutual fund share classes without properly investigating lower cost alternatives or leveraging the the plan’s large size ...