Labcorp Employees Get Green Light on Suit Over Retirement Plan

Labcorp failed to bring an early end to a proposed class action alleging the clinical laboratory network mismanages its $3.9 billion 401(k) plan by failing to monitor and control the plan’s administrative expenses.

Named plaintiff Damian McDonald’s allegations are sufficient to proceed with claims that the company plan pays excessive recordkeeping fees to a third-party service provider and has allowed the plan to offer “high-cost retail share classes of mutual funds when lower cost institutional share classes of the same funds were available,” the US District Court for the Middle District of North Carolina said.

• The court dismissed the allegation ...