Voya Gets Partial Win in 401(k) Suit But Must Defend Disclosures

A 401(k) plan participant who accused Voya Financial Inc. of misleading investors and charging excessive fees can challenge the company’s investor disclosures but not its expenses, a federal judge in Delaware ruled Tuesday.

Voya isn’t liable for fiduciary breach under the Employee Retirement Income Security Act with respect to the fees it charges 401(k) plans, because the company wasn’t acting as an ERISA fiduciary at the time those fees were negotiated, Judge Colm F. Connolly of the U.S. District Court for the District of Delaware ruled.

But 401(k) plan participant Sharon Goetz is moving forward with fiduciary breach claims based ...