US Cellular Parent Gets Chamber’s Support in 401(k) Fee Appeal

Telephone & Data Systems Inc.'s effort kill an appeal over its 401(k) plan fees drew support from the US Chamber of Commerce, which filed an amicus brief decrying the “surge” in settlement-seeking retirement plan litigation.

The lawsuit against TDS, a Chicago-based telecommunications service company that owns wireless carrier US Cellular Corp., is a “20/20 hindsight” attack based on allegations the company failed to select the cheapest possible 401(k) recordkeeper, the Chamber told the US Court of Appeals for the Eighth Circuit in a brief filed Wednesday. The case was correctly dismissed for failing to include details about plan fiduciaries’ decision-making ...