Oracle Must Defend $40M Lawsuit Over 401(k) Fees

March 23, 2017, 9:10 PM

Oracle Corp. can’t escape a proposed class action challenging the way it manages its 401(k) plan (Troudt v. Oracle Corp., 2017 BL 90699, D. Colo., No. 1:16-cv-00175-REB-CBS, 3/22/17).

The California software company is accused 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 judge in Colorado refused to dismiss the case on March 22, citing a magistrate judge’s report recommending that the case move forward. Both judges determined that the parties’ dispute would be better resolved on a fuller factual record.

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