Quanta Services Denied Fast Appeal in 401(k) Plan Fund Challenge

Quanta Services Inc. failed to secure a quick appeal of a recent decision allowing a proposed class of workers to move forward with litigation over the investment options in the electric power contractor’s retirement plan.

Quanta objected to a 2023 decision in which Judge Alfred H. Bennett of the US District Court for the Southern District of Texas declined to dismiss claims that the company chose inappropriate and risky target date funds as the default investment option in its retirement plan. In that ruling, Bennett said the proper benchmark by which to judge a 401(k) plan investment can’t be resolved ...