Hess Sued Over 401(k) Plan’s T. Rowe Price Funds (Correct)

A former Hess Corp. employee filed a proposed class action saying the oil and gas company mismanages its $900 million 401(k) plan by offering target date mutual funds instead of cheaper versions of the same investments.

Plaintiff Joshua Wagner’s lawsuit, filed Monday in the US District Court for the Northern District of Texas, says Hess breached its duties under the Employee Retirement Income Security Act by failing to swap out target date mutual funds managed by T. Rowe Price for “much cheaper” and substantially identical T. Rowe collective investment trusts. Wagner is also challenging a handful of other investments ...