PNC Financial Agrees to 65,000-Person Class in 401(k) Fee Suit

PNC Financial Services Group Inc. agreed to litigate a challenge to the fees in its $5.7 billion 401(k) plan as a class action covering more than 65,000 plan participants and beneficiaries, a filing in Pittsburgh federal court shows.

The stipulation, filed Tuesday, comes nearly six months after Judge Christy Criswell Wiegand allowed the plan participants to move forward with claims of fiduciary breach based on PNC’s alleged failure to negotiate a better deal on 401(k) recordkeeping fees. Wiegand, who had previously dismissed the case in its entirety, said the participants’ amended complaint included a detailed table comparing the plan’s fees ...