Trader Joe's Ex-Workers Can't Guess 401(k) Fees, Judge Says

Law360 (April 27, 2020, 6:39 PM EDT) -- A California federal judge on Friday dismissed a proposed class action claiming Trader Joe's squandered workers' retirement savings on excessive 401(k) plan fees, ruling the two ex-workers cannot just guess how much the fees were.

U.S. District Judge Percy Anderson found that former employees Nicolas R. Marks and Lorri A. Bowling's contention that Trader Joe's workers pay $140 per year to participate in the 401(k) plan has "no factual basis." He noted that even they admit they don't actually know the cost of the record-keeping fees, dismissing their claims but offering them 14 days to file an amended complaint.

"In the...

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