Jack Henry Hit With Class Suit Over Employee 401(k) Plan Fees

A Jack Henry & Associates Inc. employee filed a proposed class action saying the financial technology company mismanaged its $960 million retirement plan by failing to rein in administrative fees.

Participants in Jack Henry’s 401(k) plan paid about $78 per person in administrative fees each year, when a reasonable fee for these services would have been closer to $39, according to the lawsuit. The company failed to take appropriate action to lower these fees through negotiation, competitive bidding, or careful monitoring, plaintiff Guy Lacrosse said in the complaint.

Lacrosse’s complaint, filed Monday in the US District Court for the ...