Konica Minolta 401(k) Fee Lawsuit Advances After Claims Trimmed

A proposed class action challenging the fees and investment funds in Konica Minolta Business Solutions USA Inc.'s 401(k) plan is moving forward after a New Jersey federal judge on Tuesday trimmed a handful of claims and defendants while allowing the case’s core allegations to advance.

Konica’s 401(k) committee must face claims that it mismanaged the $800 million plan by offering funds that performed worse than comparable options that were available at lower cost, Judge John Michael Vazquez of the U.S. District Court for the District of New Jersey held. Claims challenging the Konica plan’s annual record-keeping fees—which allegedly grew to ...