Mitsubishi Chemical Sued Over Fees in $700 Million 401(k) Plan

A former Mitsubishi Chemical America Inc. employee filed a proposed class action accusing the company of filling its $700 million retirement plan with high-cost mutual funds and an unsuitable stable value fund.

Mitsubishi Chemical failed to obtain the cheapest available share classes for certain of the plan’s investment options, plaintiff Robert Humphries said in a complaint filed in the US District Court for the Southern District of New York. This forced participants to pay excess fees that weren’t tethered to any plan services and hampered the plan’s investment growth, Humphries said.

The lawsuit, filed Wednesday on behalf of a proposed ...