"First, the Court allowed documentary evidence from plan documents that contradicted the false share class investment fee claims ... Some courts do not allow plan sponsors to defend with the actual plan fees, and this is the key difference in the disparate rulings on the ERISA excessive fee pleading standard across the county. ... Second, the Court required a meaningful benchmark to allege that plan investment and recordkeeping fees were too high. ... Until we have a reliable national benchmark of what large plans actually pay in recordkeeping fees, courts must require meaningful comparisons to justify claims of fiduciary imprudence." [Matney v. Barrick Gold of N. Am., No. 22-404 (10th Cir. Sept. 6, 2023)]

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