Veterinary Provider VCA Sued Over Fees in $563 Million 401(k)

Four former VCA Inc. employees accuse the veterinary care provider of mismanaging its $563 million 401(k) plan by authorizing annual administrative fees as high as $105 per person, according to a proposed class action filed in California federal court.

The VCA plan’s administrative fees were “exorbitant” compared with similarly sized plans and well above the $38 annual fee that would have been reasonable, the former employees said in a complaint filed Monday in the U.S. District Court for the Central District of California.

“Defendants’ failure to recognize that the Plan and its participants were grossly overcharged for retirement plan services ...