Knight-Swift 401(k) Plan Fee Challenge Moves Forward in Arizona

Phoenix-based trucking company Knight-Swift Transportation Holdings Inc. must face allegations that it mismanaged its 401(k) plan through high administrative fees and needlessly expensive investment options.

Knight-Swift is accused of failing to offer the cheapest available share class for certain plan investments and failing to rein in the plan’s annual recordkeeping fees, which allegedly grew unchecked as the plan’s asset base grew. Judge Roslyn O. Silver denied the company’s motion to dismiss Wednesday, saying the proposed class of plan participants had alleged viable fiduciary breach claims under the Employee Retirement Income Security Act.

Knight-Swift disputed the workers’ allegations of excessive recordkeeping ...