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Oracle Sued Over 401(k) Fees Paid to Fidelity

Jan. 26, 2016, 5:00 AM

A new lawsuit accuses Oracle Corp. of breaching its ERISA fiduciary duties by paying excessive fees in record-keeping and administrative services, failing to monitor fiduciaries and engaging in prohibited transactions (Troudt v. Oracle Corp., D. Colo., 1:16-cv-00175, complaint filed 1/22/16

The complaint, filed Jan. 22 in the U.S. District Court for the District of Colorado, alleges that the technology company failed to negotiate reasonable, fixed-fee record-keeping and administrative services for its 401(k) plan, resulting in losses to the plan of more than $40 million.

Deborah Troudt, a former business analyst and participant in the plan, along with six...

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