NVIDIA Corp. Defeats 401(k) Fee Lawsuit in California, For Now

Sept. 14, 2021, 2:44 PM

Computer hardware designer NVIDIA Corp. defeated a proposed class action challenging its 401(k) plan fees, after a federal judge in California determined that the complaint lacked sufficient mutual fund benchmarks and details about the plan’s administrative services.

NVIDIA didn’t breach its fiduciary duties under the Employee Retirement Income Security Act by failing to offer the cheapest share classes of certain plan funds, because those higher-fee share classes helped defray the plan’s administrative expenses, Judge Lucy H. Koh of the U.S. District Court for the Northern District of California ruled Monday.

Claims that the plan offered expensive mutual funds instead of ...

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