Deloitte Calls 401(k) Fee Lawsuit Weak in Appeals Court Brief

Allegations that Deloitte LLP’s $7.3 billion retirement plan charges excessive administrative fees are “particularly weak” even among the hundreds of recent lawsuits making similar claims, the accounting firm told the Second Circuit in a new brief.

The lawsuit rests on the “very narrow accusation” that Deloitte’s plan fiduciaries breached their duties by allowing workers to pay more for recordkeeping and administrative services than participants in certain other plans paid, the company said in a Feb. 2 brief. These “meager allegations” can’t support an Employee Retirement Income Security Act case, because the workers offer only “price-tag-to-price-tag comparisons” without relevant details ...