Whole Foods Sued Over Fees in $1.9 Billion Employee 401(k) Plan

Whole Foods Market Inc. was sued Monday by a group of former employees who say the grocer’s $1.9 billion retirement plan is plagued by excessive administrative fees.

The Whole Foods plan paid between $31 and $34 per person in annual recordkeeping fees to Fidelity Management Trust Co., when the true value of these services is likely less than $14 per person, the employees said in the complaint. These fees are unreasonable compared to the fees paid by similar plans, and they exceed Fidelity’s “own admitted range of reasonable rates for plans of this size,” they said.

The lawsuit, filed ...