Kerry Worker Advances Would-be Class Challenge to 401(k) Fees

Kerry Inc. must face the bulk of a proposed class action claiming the food and nutrition company mismanaged its employees’ $444 million retirement plan by allowing the plan to charge excessive fees for record keeping and managed account services, a US judge ruled, denying the company’s motion to dismiss.

Kerry argued its 401(k) record keeping fees were “reasonable as a matter of law” under the US Court of Appeals for the Seventh Circuit’s 2020 decision in Divane v. Northwestern University. Judge Brett H. Ludwig of the US District Court for the Eastern District of Wisconsin disagreed in a May ...