Ex-Workers Say Quest 'Asleep At The Wheel' With 401(k) Plan

Law360 (July 28, 2020, 10:35 PM EDT) -- A handful of former employees of Quest Diagnostics Inc. lodged a suit Wednesday in New Jersey federal court claiming the company didn't drive a hard enough bargain with the service providers for its multibillion-dollar 401(k) plan, or else was "asleep at the wheel" in its oversight.

Ex-employees Rebecca Rice, Shalamar Curtis and Raquel Aziz said Quest had violated the Employee Retirement Income Security Act by failing to properly ensure that the Fidelity-managed plan's investments were best for the beneficiaries.

For instance, the former Quest workers said the plan chose funds with "grossly excessive" fees, and the Secaucus, New Jersey-based company didn't...

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