US Bancorp Agrees to Litigate Over 401(k) Fees on Class Basis

US Bancorp agreed to have litigation over its retirement plan fees certified as a class action covering more than 95,000 people.

The proposed class would cover all the US Bancorp’s 401(k) plan participants and beneficiaries since January 2017. The plan had as many as 95,689 participants with account balances during that time period, according to a joint stipulation filed Thursday in the US District Court for the District of Minnesota.

The lawsuit challenges the US Bancorp plan’s annual recordkeeping and administrative fees, which participants said were excessive at about $29 per person. Judge Patrick J. Schiltz allowed the bulk of ...