Genentech 401(k) Suit Advances After Better Comparisons Cited

California-based biotechnology company Genentech Inc. must defend proposed class claims challenging its 401(k) plan fees, but it convinced a San Francisco federal judge to dismiss challenges to the plan’s custom target-date funds and allegations of fiduciary disloyalty.

The amended complaint filed by plan participant Matthew Wehner identifies one retirement plan that establishes an “apples-to-apples comparison” to Genentech’s $7.6 billion 401(k) plan, Judge William H. Orrick of the U.S. District Court for the Northern District of California said. By identifying a similarly sized retirement plan that paid significantly less in administrative fees to the same service provider, Wehner states a viable ...