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Ex-Shell Oil Workers Want 10,000-Person Class in 401(k) Lawsuit

Jan. 10, 2022, 4:17 PM

Former employees accusing Shell Oil Co. of mismanaging their $10 billion 401(k) plan by overpaying for administrative services and taking fees from plan assets asked a Texas federal judge to certify the case as a class action covering 10,000 people.

The case turns on “Plan-level decisions” that applied to class members across the board, including decisions affecting the plan’s investment menu and the compensation Shell paid to both itself and to service providers, former employee Charles Harmon said in a Jan. 7 motion. Courts hearing similar cases involving 401(k) investments and fees have “overwhelmingly” found that these claims satisfy the ...