Labcorp Employee Files Class Suit Over Retirement Plan Fees

Labcorp was sued in North Carolina federal court by a current employee who says the clinical laboratory network mismanages its $3.9 billion 401(k) plan by failing to monitor and control the plan’s administrative expenses.

The lawsuit, filed Thursday in the US District Court for the Middle District of North Carolina, accuses Laboratory Corp. of America Holdings of allowing the plan’s direct and indirect recordkeeping fees to balloon as high as $150 per person, per year. These fees are far above the reasonable range of $14 to $25 per person that other plans of Labcorp’s size pay, according to the lawsuit. ...