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Oshkosh Latest Target in Flurry of 401(k) Fee Class Actions

June 16, 2020, 7:38 PM

Wisconsin-based industrial equipment maker Oshkosh Corp. was sued Tuesday by a participant in its 401(k) plan who says the plan charges excessive fees and offers expensive, actively managed funds instead of cheaper, better performing alternatives.

Oshkosh’s $1.1 billion plan offers mostly high-fee mutual funds, excludes many low-cost index funds, and overpays for record keeping services, plan participant Andrew Albert said in a proposed class action complaint filed in the U.S. District Court for the Eastern District of Wisconsin. Oshkosh allowed the plan’s record keeping fees to rise by nearly 250% over a four-year period without negotiating a better deal, Albert ...