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Quest Diagnostics Sees Second Class Challenge to Retirement Plan

July 29, 2020, 2:43 PM

Quest Diagnostics Inc. was hit with another proposed class action challenging the fees and investment options in its $4 billion profit sharing plan, according to a complaint filed in the District of New Jersey by three of the plan’s participants.

Quest is accused of filling the plan with actively managed funds that charge “grossly excessive fees” compared with similar or superior alternatives. Quest also failed to rein in the plan’s administrative expenses or properly investigate lower-cost investments like collective trusts, passive funds, and institutional share classes, the participants claim.

The lawsuit, filed Tuesday, comes one month after another Quest plan...

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