Welcome
Benefits & Executive Compensation News

Oracle Beats Bulk of 401(k) Class Action Before Trial

March 4, 2019, 11:51 AM

Oracle Corp. defeated a class action challenge to the 401(k) plan record-keeping fees it paid to Fidelity, but two challenges to individual investment options remain for trial.

The investors in Oracle’s $12 billion 401(k) plan couldn’t show the company acted imprudently with respect to the record-keeping fees they claimed were excessive, Judge Robert E. Blackburn of the U.S. District Court for the District of Colorado held. The company reviewed these fees at quarterly meetings, and the fees “decreased significantly” during the time period in question, reaching $27 per investor, per year in 2017, Blackburn said.

“No reasonable jury could find...

To read the full article log in. To learn more about a subscription click here.