Labcorp 401(k) Plan Fee Class Action Gets Green Light for Trial

Labcorp workers can go to trial in their challenge to the clinical laboratory network’s 401(k) plan fees, after a federal judge said the 55,000-person class action turned on conflicting expert opinions.

A trial is needed to determine whether Labcorp mismanaged the plan by requiring workers to pay annual recordkeeping fees ranging between $29 and $32 per person, Judge Loretta C. Biggs said. An expert witness tapped by the plan participants said these fees should be no higher than $25 per person, while Labcorp’s expert testified that the plan’s fees were consistent with industry standards, Biggs said.

The participants are also ...