401(k) Plan Fees Litigation: Is The Dam Breaking?

Law360, New York (May 3, 2007, 12:00 AM EDT) -- The federal court complaints are typically between 40 and 50 pages long. They tend to start with the same sentence: "Personal savings accounts, such as 401(k)s, are quickly becoming employees' primary method of financially planning for retirement."

After recounting a brief history of the 401(k), with a nod to the demise of the "traditional" defined benefit pension plan, a "quaint historical notion," they list a parade of alleged horribles, accusing plan sponsors, fiduciaries, investment advisors, brokerage houses, insurers, banks, trust companies, and other defendants, of conspiring...
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