ERISA Suit Alleges Wal-Mart Wasted $60M In Funds

Law360, New York (March 31, 2008, 12:00 AM EDT) -- Wal-Mart Stores Inc. has been hit with a purported class action accusing the retail giant of unnecessarily spending $60 million of its employees' retirement savings over the last six years on expensive mutual funds.

Wal-Mart employee Jeremy Braden of Ozark, Mo., filed the suit Thursday in the U.S. District Court for the Western District of Missouri, alleging that the company chose unreasonably expensive retail mutual funds as investment options for the employee retirement plan when there were cheaper options available in the marketplace.

The complaint claims...
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