Honda, Merrill Lynch Hit With ERISA Suit

Law360, New York (November 11, 2008, 12:00 AM EST) -- A proposed class action has been filed accusing Honda of America Manufacturing Inc. and Merrill Lynch & Co. Inc. of charging excessive fees to participants in Honda's retirement plan in violation of the Employee Retirement Income Security Act.

The suit, filed Monday in U.S. District Court for the Southern District of Ohio, claims that, as a result of “unreasonable and excessive” administrative, investment management and other related fees charged to participants, thousands of Honda employees lost millions of dollars.

Merrill Lynch served as an investment adviser...
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