PNC Financial Workers Revive 401(k) Fee Suit with Better Data

PNC Financial Services Group Inc. employees challenging the fees in their $5.7 billion 401(k) plan advanced the bulk of their lawsuit after a Pittsburgh federal judge said their amended complaint included better comparisons than the complaint she previously dismissed.

The plaintiffs, who seek to represent a class of participants in PNC’s 66,000-person 401(k) plan, have a viable claim that the plan’s fiduciaries breached their duties in failing to negotiate a better deal on recordkeeping fees, Judge Christy Criswell Wiegand of the U.S. District Court for the Western District of Pennsylvania said Thursday. They adequately claimed that the plan’s annual recordkeeping ...