Phoenix’s Knight-Swift Sued Over $432 Million 401(k) Plan’s Fees

Knight-Swift Transportation Holdings Inc. mismanaged its $432 million retirement plan by overpaying for administrative services and offering high-cost funds when identical options were available for less, according to a proposed class action complaint filed in Arizona federal court.

The Phoenix-based trucking company allowed its retirement plan’s recordkeeping and administrative fees to grow unchecked as the plan’s asset base more than doubled over the past six years, two plan participants said in a complaint filed Wednesday.

The total amount of recordkeeping fees paid by the plan through both direct and indirect payments is at least $200 per person annually, when a ...