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Eighth Circuit's 'Meaningful Benchmark' Requirement for 401(k) 'Excessive Fee' Lawsuits Continues to Generate Dismissals
Dorsey ERISA 
Aug. 24, 2023 "As to the excessive-recordkeeping-fees claim, plaintiffs did 'not allege facts plausibly showing that the Plan's recordkeeping fees are unreasonably high.' As to the excessive-management-fees claim, that claim 'fail[ed] largely because as this theory is pleaded, a collective investment trust is not a plausible benchmark for a mutual fund.' As to the under-performance claim, that claim failed 'because the benchmarks alleged to support this theory are implausible.' " [Fritton v. Taylor Corp., No. 22-cv-00415 (ECT/TNL), 2023 U.S. Dist. LEXIS 145940 (D. Minn. Aug. 21, 2023).] |
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