Huntington Bancshares, Execs Sued Over High Fees in 401(k) Plan

Huntington Bancshares Inc. and its 21 directors are accused of violating federal benefits law by allegedly filling the bank’s 401(k) plan with high-fee, poorly performing in-house funds to the detriment of Huntington’s workers when other less expensive alternatives were available.

Huntington allegedly used its retirement plan to sustain its “failing mutual fund business and leverage the plan to Huntington’s advantage in the consolidation and eventual sale of the funds,” according to a lawsuit filed Dec. 29 in the U.S. District Court for the Southern District of Ohio. The plan allegedly suffered millions of dollars in losses per year due to ...