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IQVIA Latest Target in Flurry of Litigation Over 401(k) Fees

June 24, 2020, 2:22 PM

Six former employees of health care technology company IQVIA Inc. claim the company mismanaged its 401(k) plan by failing to monitor and remove overly expensive investment options, according to their proposed class action filed in a federal court in North Carolina.

IQVIA’s $1.6 billion 401(k) plan offered several actively managed mutual funds that charged “grossly excessive” fees compared with similar or superior alternatives, the employees allege in Tuesday’s complaint in the U.S. District Court for the Middle District of North Carolina.

About 60% of the plan’s investment options were “much more expensive” than comparable funds found in similarly sized 401(k) ...