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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!