Staples Retirement Plans Draw Suit Over Fees, Stable Value Fund

Staples Inc. was sued Thursday by two former employees who say the retailer mismanages its 401(k) plans by failing to rein in administrative fees and offering a faulty stable value fund.

The office supply seller’s retirement plans invested more than $20 million in a stable value fund that provided subpar returns while enriching the plans’ recordkeeper, the workers said in a proposed class complaint. The plans also allegedly paid excessive annual recordkeeping and administrative fees—more than $41 per person—when a reasonable annual fee would be no more than $25 per person.

• The lawsuit, filed in the US District Court ...