Matrix Trust Customer Claiming Secret Fees Seeks Class Status

A lawsuit accusing benefit plan custodian Matrix Trust Co. of taking millions of dollars in undisclosed and unauthorized fees from its plan customers should be certified as a class action, an engineering firm said in a Texas federal court filing.

MBA Engineering Inc. wants its Employee Retirement Income Security Act lawsuit certified to cover two classes of Matrix customers whose accounts generated mutual fund fees and interest since 2005. MBA’s motion, filed April 1 in the U.S. District Court for the Northern District of Texas, says a “significant majority” of Matrix’s 120,000 customers are likely to fall within this class ...