Last Wednesday, Keller Rohrback L.L.P., the lead counsel in numerous ERISA class actions, announced that it was investigating whether several 401(k) providers breached their fiduciary responsibilities by entering into improper fee arrangements with mutual fund companies they selected.
The service providers mentioned were Hartford Financial Services Group, Inc., Lincoln National Corp., and Principal Life Insurance Co.
Keller Rohrback’s investigation closely follows class action suits filled against eight of the country’s largest employers in which the issues common to all involved “excessive fees”. In writing about these law suits last month, I asked, Are newly filed 401(k) class action law suits the wave of the future?
It’s starting to look like the answer is “yes”.
