Bloomberg Law
April 28, 2020, 11:46 AM

Trader Joe’s Defeats Would-Be Class Challenge to 401(k) Fees

Jacklyn Wille
Jacklyn Wille
Legal Reporter

Trader Joe’s Co. convinced a federal judge in Los Angeles to dismiss a proposed class action claiming the grocer’s 401(k) plan charged excessive administrative fees and offered unreasonably expensive share classes of mutual funds.

The former grocery workers’ “guess” that the Trader Joe’s plan pays $140 per person in annual record keeping fees has “no factual basis” and can’t support a claim of fiduciary breach under the Employee Retirement Income Security Act, Judge Percy Anderson of the U.S. District Court for the Central District of California said in a decision docketed Monday.

Anderson also dismissed their claims challenging the “investor” ...

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