Bloomberg Law
June 5, 2020, 4:04 PM

KeyCorp Is Third Employer Sued Over 401(k) Fees in Past Week

Jacklyn Wille
Jacklyn Wille
Legal Reporter

KeyCorp, the parent company of Ohio’s KeyBank, was hit with a proposed class action claiming it allowed administrative expenses in its 401(k) plan to spiral out of control.

The lawsuit, filed Thursday in the U.S. District Court for the Southern District of Ohio, accuses KeyCorp of failing to use the $2.9 billion plan’s large size as leverage to obtain a better deal on record keeping services. Plan participant Gregory Stark claims the plan paid annual record keeping fees of about $63 per person, when a reasonable fee would have been no more than $40 per person.

This failure led ...

Learn more about Bloomberg Law or Log In to keep reading:

Learn About Bloomberg Law

AI-powered legal analytics, workflow tools and premium legal & business news.

Already a subscriber?

Log in to keep reading or access research tools.