NextEra Energy Sued for 401(k) Stock Losses, Administrative Fees

NextEra Energy Inc. was hit with a proposed class action saying its $6.9 billion retirement plan overpaid for administrative services and lost about $500 million by investing in the utility company’s stock.

The lawsuit, filed Monday in the US District Court for the Southern District of Florida, says NextEra wrongly allowed the plan’s company stock holding to increase to nearly half of its portfolio during a two-year period in which share price fell substantially. The company was aware of the problems plaguing its stock price, including an alleged campaign finance scandal affecting its largest subsidiary, according to the lawsuit.

NextEra ...