Faith Technologies Seeks Redo in 401(k) Fee Suit Under New Law

Faith Technologies Inc. asked a Wisconsin federal judge to rethink his opinion allowing litigation over the company’s retirement plan to advance, saying the case is no longer viable after an intervening decision from the Seventh Circuit.

The appeals court’s Aug. 29 decision rejecting a challenge to Oshkosh Corp.'s 401(k) plan is new, controlling authority that is fatal to the Faith workers’ claims of excessive investment management and recordkeeping fees, the company said in a Sept. 16 motion for partial reconsideration. The Oshkosh decision makes clear that an Employee Retirement Income Security Act claim can’t advance based on bare allegations of ...