Missouri Federal Judge Won’t Dismiss Employee Lawsuit Over Excessive 401(k) Fees

Mealey's (March 1, 2017, 2:57 PM EST) -- KANSAS CITY, Mo. — A Missouri federal judge on Feb. 27 denied a defense motion to dismiss an Employee Retirement Income Security Act class action alleging that American Century Services LLC charged excessive investment management and record-keeping fees for its 401(k) plan and filled the retirement plan with proprietary investment options for its own benefit, saying that the plaintiffs’ allegations state a claim for breach of fiduciary duty (Steve Wildman, et al. v. American Century Services LLC, et al., No. 4:16-cv-00737, W.D. Mo.)....