Genentech Defeats ‘Apples-to-Oranges’ 401(k) Fee Challenge

California-based biotechnology company Genentech Inc. defeated a former employee’s proposed class action challenging the company’s $7.6 billion 401(k) plan, when a federal judge said the case was based on improper “apples-to-oranges comparisons” of retirement plan funds and fees.

Matthew Wehner’s claim that the Genentech plan charges excessive administrative fees—allegedly between $58 and $85 per person, per year—fails because Wehner doesn’t back this up with valid comparisons between other similar plans, Judge William H. Orrick of the U.S. District Court for the Northern District of California held Tuesday. Wehner doesn’t explain how retirement plan fee data in the 401(k) Averages Book ...