Sonoco Products Defeats Challenge to 401(k) Fees, Forfeiture Use

Sonoco Products Co. defeated a proposed class action challenging its retirement plan fees and how it uses 401(k) forfeitures, but the plaintiff can try again in an amended complaint, a federal judge ruled.

The lawsuit is full of conclusory allegations and lacks specific factual details that would support claims under the Employee Retirement Income Security Act, Judge Joseph Dawson III said for the US District Court for the District of South Carolina. The worker says the plan paid more for recordkeeping services than other similar plans did, but the complaint “does not provide adequate details about the comparator plans’ service ...