Genentech Can't Shake Ex-Worker's 401(k) Fee Suit

By Emily Brill (June 15, 2021, 3:33 PM EDT) -- Genentech Inc. can't escape a proposed ERISA class action over 401(k) plan management, with a California federal judge trimming an allegation that the plan made bad investments from the suit but letting a claim that the plan charged excessive fees proceed.

U.S. District Judge William Orrick ruled Monday that former Genentech employee Matthew Wehner's claim that his ex-employer dropped the ball on 401(k) fee management was strong enough to beat a motion to dismiss, but his claim that the biotechnology company's plan made a few imprudent investments was not.

Wehner's fee allegation drew its strength from a comparison between the fees...

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