Sonoco Products Targeted by Latest Challenge to 401(k) Plan Fees

A participant in Sonoco Products Co.'s $1.2 billion 401(k) plan filed a proposed class action saying the plan is plagued by excessive administrative and recordkeeping fees.

The lawsuit says Sonoco, a packaging material producer, allowed its retirement plan to pay annual administrative fees as high as $121 per person without taking appropriate steps to rein in these fees, which should have been closer to $31 per person. The complaint, docketed Monday in the US District Court for the District of South Carolina, brings claims under the Employee Retirement Income Security Act on behalf of a proposed class of more ...