PNC Financial Defeats Suit Over Fees in $5.7 Billion 401(k) Plan

PNC Financial Services Group Inc. defeated a lawsuit challenging the fees in its $5.7 billion 401(k) plan, when a Pittsburgh federal judge said the participants failed to sufficiently explain the fee structure or the services received in exchange for the fees.

The plaintiffs, who seek to represent a class of participants in PNC’s 66,000-person 401(k) plan, allege the plan’s annual administrative fees of $85 to $90 per person were much higher than the fees that a plan of this size should have been able to negotiate. But their assertion that these fees should have been as low as $35 or ...