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Victoria’s Secret Parent Latest Company Sued Over 401(k) Fees

Nov. 23, 2020, 6:43 PM

Victoria’s Secret and Bath & Body Works parent L Brands Inc. charges excessive administrative fees and includes high-cost investment options in its $1.6 billion 401(k) plan, a former employee alleged in a class action complaint docketed Monday in the U.S. District Court for the Southern District of Ohio.

The lawsuit, filed by former L Brands employee Donna Allison, claims the plan’s administrative fees are at least 60% more than those paid by a well-managed retirement plan. Allison accuses plan fiduciaries of engaging in “virtually no examination, comparison, or benchmarking” to ensure its administrative fees were reasonable.

Allison also challenges the ...

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