Matrix Trust Faces Class Suit Over Undisclosed Plan Fees (1)

Benefit plan custodian Matrix Trust Co. was hit with a proposed class action claiming it took millions of dollars in undisclosed and unauthorized fees from the plans it services, according to a complaint filed in the U.S. District Court for the Northern District of Texas.

Matrix Trust, a subsidiary of Broadridge Financial Solutions, failed to properly disclose the compensation it received from its 60,000 customer benefit plans, Minnesota engineering firm MBA Engineering Inc. said in a complaint filed Tuesday. Failing to properly disclose these fees is a violation of Labor Department rules for which there is strict liability, MBA alleged. ...