Nokia Sued by Ex-Employees Over Fees in $8.5 Billion 401(k) Plan

Nokia of America Corp. was sued in New Jersey federal court by seven former employees who say the company’s $8.5 billion 401(k) plan offered overly expensive investment options and charged excessive administrative fees.

The Nokia plan’s investment options were multiple times more expensive than those of other similarly sized plans, the participants alleged in a complaint filed Monday in the U.S. District Court for the District of New Jersey. Plan fiduciaries also failed to negotiate a reasonable rate for the plan’s annual administrative expenses, which were as high as $116 per person and further drained participants’ retirement savings, according to ...