Kraft, Altria Face Class Action Over 401(k) Plan

Law360, New York (July 8, 2008, 12:00 AM EDT) -- Kraft Foods Global Inc. and Altria Group Inc. have been hit with a class action alleging fiduciary duty violations for allegedly mismanaging employee 401(k) plans and charging excessive fees.

Gerald George and three other participants in a 401(k) plan operated by Kraft filed a lawsuit on July 2 in the U.S. District Court for the Northern District of Illinois.

The suit alleges that the defendants selected and maintained “poor-performing actively managed investment options” for the plan in violation of the Employee Retirement Income Security Act....
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