Hy-Vee Agrees to Class of More than 55,000 in 401(k) Fee Lawsuit

Iowa-based grocer Hy-Vee Inc. agreed to have federal litigation challenging its 401(k) plan fees certified as a class action covering more than 55,000 people.

The proposed class includes all the Hy-Vee plan’s participants and beneficiaries since 2016, excluding the defendants and their immediate family members. The parties’ stipulation, filed April 21 in the US District Court for the Southern District of Iowa, comes one week after the plaintiffs filed their motion for class certification.

The agreement doesn’t block Hy-Vee from arguing that the plaintiffs’ status as former plan participants means they lack standing to seek forward-looking changes to ...