Faith Technologies 401(k) Fee Suit Appears Ready for Dismissal

Faith Technologies Inc. should prevail in a lawsuit over its retirement plan fees, because the plan participant’s latest complaint is based on comparisons with dissimilar plans, a federal magistrate judge said in a new report.

Plaintiff Genna Laabs claimed the Faith plan should have paid about $42 per person in annual recordkeeping fees, instead of the $100 per-person fee she says it paid. But Laabs isn’t “comparing apples to apples,” because she arrived at that $42 figure by using a “trend line” based on fees paid by eight other other plans that are mostly much bigger than the one offered ...