Holman Automotive Group Inc. was hit with a proposed class action alleging its retirement plan wrongly includes a suite of target-date funds that carry excessive and unnecessary fees.
The lawsuit, filed Tuesday in the US District Court for the District of New Jersey, centers on a suite of target-date funds from non-party Fidelity that previously served as the default investment option in Holman’s retirement plan. The company failed to offer these funds in the cheapest available share class, forcing workers to needlessly overpay for their investments, according to the complaint.
- Plaintiff Peter Stratton says Holman didn’t switch to lower-cost ...