Deloitte 401(k) Fee Suit is Viable, Workers Tell Second Circuit

Deloitte LLP workers asked the Second Circuit to revive their lawsuit challenging the fees tied to their $7.3 billion retirement plan, saying the district judge who ruled against them used the wrong standard and improperly parsed the case’s facts.

The workers say they presented “ample circumstantial evidence” showing how Deloitte mismanaged the plan, including allegations that the company allowed the plan to pay “outrageous amounts” for administrative services without looking for a cheaper recordkeeper. They supported these allegations with comparisons to specific, similar plans with much lower fees, but the district judge wrongly rejected the case as a “bare ‘price ...