M&T Bank 401(k) Suit Grows to Add Record-Keeping Fee Challenge

Participants in M&T Bank Corp.‘s 401(k) plan are expanding their proposed class action against the bank to include new challenges to the plan’s record-keeping fees.

The participants won court approval Aug. 12 to add new allegations to their lawsuit, which targets the affiliated mutual funds in M&T’s 401(k) plan. In their amended complaint, the participants say the M&T plan charged annual record-keeping fees of about $116 per participant, when the normal range for such services was between $45 and $50 per person during the time period in question.

The participants are also adding new claims against Wilmington Trust ...