Cumulus Media Beats Suit Over 401(k) Fees

By Alexis Shanes (December 17, 2020, 6:42 PM EST) -- A Georgia federal judge threw out a proposed class action against Cumulus Media Inc. on Thursday, ruling that two ex-workers who claimed their 401(k) plan was saddled with excessive fees waited too long to file suit.

U.S. District Judge Thomas Thrash Jr. granted the broadcast radio giant's motion to dismiss an Employee Retirement Income Security Act suit from two former Cumulus employees who participated in its 401(k) plan.

Cara Chiappa and Dan Alfonso sued on Feb. 24, alleging Cumulus mismanaged its 401(k) plan and offered participants investment choices that came with unnecessarily expensive fees, causing them to lose millions of dollars...

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