Adidas Bogged Down 401(k) With $6M In Fees, Suit Says

Law360 (July 11, 2019, 12:28 PM EDT) -- Adidas America Inc. breached its legal responsibilities to investors in its 401(k) plan by stuffing it with over $6 million in exorbitant administrative fees, the participants have said in a proposed class action filed in Oregon federal court.

Retirement plan participants Paul Enos and David Freitas say in the complaint filed Wednesday that Adidas violated the Employee Retirement Income Security Act by saddling the plan with $6.08 million in fees between 2013 and 2017. By forcing participants to overpay for the fees — which amounted to 80% more than similar plans — Adidas breached its duties to more than 7,478 plan...

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Oregon

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791(Labor: E.R.I.S.A.)

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Date Filed

July 10, 2019

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