NextEra 401(k) Forfeiture, Recordkeeping Fee Suit Moves Forward

A lawsuit saying NextEra Energy Inc. mismanaged its $5 billion 401(k) plan through high fees and wrongly allocated forfeitures will move forward in a Florida federal court.

NextEra must defend claims that the plan’s annual recordkeeping fees—allegedly between $47 and $65 per person—were excessive in violation of the Employee Retirement Income Security Act. The complaint plausibly claims these fees were too high by pointing to better-run plans that paid less for the same services and by identifying the steps NextEra could have taken to reduce them, Judge Aileen M. Cannon said Thursday for the US District Court for the Southern ...