Business Groups Bash Pivotal 401(k) Suit Filed Against Deere | workforce.com

Off the beaten path for me and this blog but Business Groups Bash Pivotal 401(k) Suit Filed Against Deere from workforce. com has some interesting news on 401(k) plans :

"The ERISA Industry Committee, the American Benefits Council and the National Association of Manufacturers have filed a joint brief stating that the lawsuit should be dismissed in appeals court, where the case currently resides."

“This case is ripe,” said Quentin Riegel, the vice president for litigation and deputy general counsel for the National Association of Manufacturers, the trade association that represents more than 11,000 companies in the U.S. “It’s on appeal, so we feel that the time is right to voice our view and reaffirm that this case should be dismissed.”

Last summer, a federal judge granted Deere’s motion to dismiss the case, in which Deere workers alleged that fees in the company’s 401(k) plan were excessive. The suit also named investment manager Fidelity as a defendant, and alleged that both parties breached their fiduciary obligations by providing mutual funds and 401(k) services to participants with unreasonable, and undisclosed, costs attached.