California Federal Judge Trims Class Complaint Over ERISA Plan Funds, Fees

Mealey's (June 22, 2021, 2:20 PM EDT) -- SAN FRANCISCO — A retirement plan participant’s amended class complaint survives as to an allegation of breach of the fiduciary duty of prudence based on allegedly excessive fees and a derivative claim for failure to monitor under the Employee Retirement Income Security Act because of an “apples-to-apples” comparison but fails otherwise, a federal judge in California ruled June 14, granting the plan fiduciaries’ motion to dismiss the complaint with prejudice as to the other claims for breach of the duties of prudence and loyalty and failure to monitor and co-fiduciary breaches for allegedly retaining underperforming funds....