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Oracle Corp. Faces Setback in $40 Million 401(k) Fee Lawsuit

Feb. 17, 2017, 3:15 PM

Oracle Corp. got some bad news on Feb. 16 when a magistrate judge recommended that a proposed class action challenging the fees in its 401(k) plan move forward (Troudt v. Oracle Corp., 2017 BL 47916, D. Colo., No. 1:16-cv-00175-REB-CBS, report and recommendation 2/16/17).

The lawsuit accuses the California software company of draining more than $40 million from its retirement plan through a bad deal with the plan’s record keeper, Fidelity Management Trust Co. A federal magistrate judge in Colorado recommended that the lawsuit move forward despite Oracle’s bid for dismissal, saying that the dispute...

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