US Bancorp Wants Fast Appeal of 401(k) Recordkeeping Fungibility

US Bancorp is seeking an immediate appeal of a decision greenlighting litigation over its retirement plan, saying the Eighth Circuit should rule on whether a 401(k) fee challenge can advance based on allegations that recordkeeping services are “fungible.”

The appeals court should review a March opinion in which the US District Court for the District of Minnesota allowed participants in the US Bancorp 401(k) plan to move forward with a challenge to the plan’s administrative fees, the bank said in a May 10 motion seeking permission to appeal. According to the bank, the district court wrongly determined that the case ...