Mitsubishi Chemical 401(k) Suit Expands to Individual Defendants

Former Mitsubishi Chemical America Inc. employees challenging their retirement plan fee levels can bring claims against the individual members of the company’s retirement plan committee, a New York federal judge said.

Judge Jennifer L. Rochon allowed the workers to add the committee’s 16 individual members as defendants in their three-year-old proposed class action. Mitsubishi Chemical opposed this move, saying the committee itself is the relevant plan fiduciary, but Rochon disagreed in an opinion issued Thursday in the US District Court for the Southern District of New York.

“Defendants cite no persuasive authority to support their asserted bright-line rule that the ...