Motion for Class Certification Denied in 401(k) Fee Case Against Plan Service Provider

There are a number of lawsuits currently pending in the federal courts in which sponsors of 401(k) retirement plans are challenging their plans' recordkeepers' receipt of so-called "revenue sharing" payments from mutual fund companies in which the plans' participants invest.  In several of these, the plaintiffs are seeking class certification on behalf of all of the plans to which a specific recordkeeper provided services. 

On August 27, the United States District Court for the Southern District of Iowa issued the first of several anticipated rulings on these motions, denying the plaintiff's motion for class certification.  A summary of the decision, and a copy of the decision itself, are attached.

View the summary
View the decision