Konica Minolta Hit With Class Suit Over 401(k) Fees, Investments

Management technology company Konica Minolta Business Solutions USA Inc. is the latest employer to be sued over its 401(k) plan fees, after four plan participants on Thursday filed a proposed class action in New Jersey federal court

The lawsuit challenges 13 investment options offered by Konica’s $800 million 401(k) plan. These investments allegedly carried higher fees than comparable alternatives without providing superior performance. By offering these investments instead of better, cheaper alternatives, Konica plan fiduciaries cost participants millions of dollars in lost retirement savings, the lawsuit claims.

“The Plan has retained numerous actively-managed funds as Plan investment options despite the ...