By Rachel Stone (February 10, 2021, 5:34 PM EST) -- A California federal court on Tuesday axed a proposed class action claiming biotechnology company Genentech Inc. overcharged beneficiaries participating in its $7.6 billion 401(k) plan, ruling that the employee's comparisons to fees charged by other programs were too imprecise to hold water.
Former Genentech systems specialist Matthew Wehner did not cite similar plans to support his claims that the company plan's administrative fees, allegedly ranging from $57 to $85 per person each year, and resultant $35-per-person fees were excessive for a plan its size, U.S. District Judge William H. Orrick said. Because Wehner did not properly state a claim that the...
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