Faith Technologies Sued Over 401(k) Fees, GoalMaker Platform

A former employee of Wisconsin’s Faith Technologies Inc. filed a proposed class action in federal court challenging the company’s 401(k) plan fees and its decision to offer an investment platform that she says steered workers’ retirement savings toward needlessly expensive investments.

Genna Laabs’ proposed class action, filed Oct. 2 in the U.S. District Court for the Eastern District of Wisconsin, accuses Faith of allowing its $172 million 401(k) plan to pay excessive record-keeping and administrative fees that were out of step with market trends and much higher than the fees paid by similarly sized plans. The plan offered overpriced mutual ...