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Gucci Excessive Fee Settlement

Upon final court approval, Gucci America will pay $1.2 million, $395,000 of which will be allotted to class counsel and $5,000 to the plaintiff as compensation for class representation. Gucci was accused of failing to disclose investment expenses for the funds offered within its defined contribution plan, as well as the risks associated with the funds, allowing excessive administrative fees to be charged to participants, and selecting expensive, poor-performing investments when other, “more prudent” options were available. Gucci defendants admit no wrongdoing or liability for the alleged infractions.

www.planadviser.com; June 27, 2019.