7th Circ. Affirms Dismissal Of 401(k) Case V. Deere

Law360, New York (February 20, 2009, 12:00 AM EST) -- A federal appeals court panel has affirmed the dismissal of a proposed class action accusing Deere & Co. and Fidelity Management Trust Co. of offering 401(k) plans that charged excessive fees and of failing to adequately disclose those fee structures.

In an opinion issued Feb. 12, the U.S. Court of Appeals for the Seventh Circuit ruled that Deere was protected by the Employee Retirement Income Security Act's safe harbor provision, which requires plan sponsors to meet a number of criteria, including offering a variety of investments...
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