MGM Resorts Sued Over 'Grossly Excessive' 401(k) Fees

Law360 (September 24, 2020, 4:10 PM EDT) -- MGM Resorts International cost workers millions of dollars a year by failing to stop investment managers from hawking shoddy options and charging exorbitant fees, according to a proposed class action in Nevada federal court.

Four ex-MGM employees filed suit Wednesday claiming that MGM breached its responsibility to retirement savers under the Employee Retirement Income Security Act by failing to review the plan and prevent investment options and administrative fees from being more expensive than necessary.

"Most participants in 401(k) plans expect that their 401(k) accounts will be their principal source of income after retirement," the complaint said. "Defendants, however, did not...

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