Home Depot Inc. is accused of mismanaging its 401(k) plan by allowing an online financial adviser to charge excessive fees to participants and offering poorly performing investment options.
The retailer allowed Financial Engines Advisers LLC to charge unreasonable fees to participants for investment advice services, according to a lawsuit filed April 12 in the U.S. District Court for the Northern District of Georgia. Financial Engines also engaged in prohibited transactions under federal benefits law by allegedly kicking back a significant portion of its advisory fees to the plan’s record keeper, Aon Hewitt.
Investors in Home Depot’s 401(k) plan allege the ...
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