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Exelon Beats 401(k) Suit, for Now, Under New Seventh Circuit Law

Sept. 23, 2022, 2:32 PM

Exelon Corp. won dismissal of a proposed class action challenging its 401(k) plan fees under new guidance from the Seventh Circuit, but plan participants can file an amended complaint and try again.

The US Court of Appeals for the Seventh Circuit’s August decision in Albert v. Oshkosh Corp. held that allegations of retirement plan mismanagement can’t be based solely on comparisons between the fee levels of supposedly similar plans, Judge John Robert Blakey said Thursday. The complaint against Exelon is insufficient under this standard, because it doesn’t specify which services the relevant plans received in exchange for their administrative fees, ...