Illinois Tool Works Fails to Ditch 401(k) Plan Fees Class Suit

Illinois Tool Works Inc. must face a worker lawsuit alleging it mismanaged billions of dollars in a company retirement plan after a federal judge found the claims sufficient to move forward Monday.

The equipment manufacturer’s 401(k) plan participants plausibly alleged that they faced excessive administrative fees for the services provided and that Illinois Tool offered consistently underperforming target date funds, the US District Court for the Northern District of Illinois said, declining to dismiss the Employee Retirement Income Security Act suit.

Workers who participated in Illinois Tool’s retirement plan allege annual fees ran as high as $96 per ...