Liberty Mutual Workers Get 50,000-Person Class in 401(k) Lawsuit

Liberty Mutual Group Inc. employees who say the company’s $7 billion 401(k) plan charges excessive fees and offers underperforming investments convinced a federal judge to certify their case as a 50,000-person class action.

The class covers all the Liberty Mutual plan’s participants and beneficiaries since April 2014, along with a subclass of people who used the plan’s managed account services during that time. Judge Mark G. Mastroianni’s electronic order, entered Thursday in the US District Court for the District of Massachusetts, said that Liberty didn’t oppose the workers’ request for class certification.

The US Employee Retirement Income Security Act lawsuit ...