Live Nation Hit With Suit Over Funds in $769 Million 401(k) Plan

Live Nation Entertainment Inc.'s $769 million 401(k) plan is plagued by high-cost investments and an overly risky and underperforming stable value fund, two former employees alleged in a class action complaint.

The lawsuit accuses the concert and live entertainment company of filling its retirement plan with high-cost share class mutual funds instead of identical funds available at lower cost. These missteps cost plan participants nearly $4.5 million in lost returns, plaintiffs Pamela Avecilla and Sean Bailey said in a complaint filed Wednesday in the US District Court for the Central District of California.

Avecilla and Bailey also take issue with ...