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Ninth Circuit Revives Fee Challenge to Salesforce.com 401(k) Plan
Proskauer Apr. 12, 2022 "While the decision is unpublished, the Ninth Circuit ruling furthers the increasing concern among plan sponsors and fiduciaries that even the most bare-bones claims challenging the fees and investment offerings of 401(k) plans will withstand motions to dismiss. Of particular concern is the courts' increasing tendency to allow claims challenging the use of higher-cost share classes to proceed, even where the complaint makes no effort to consider the likelihood that these share classes generate revenue sharing payments that offset any higher fees to plan participants." [Davis v. Salesforce.com, Inc., No. 21-15867 (9th Cir. Apr. 8, 2022; unpub.)] |
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