L Brands, parent company of Bath & Body Works and Victoria’s Secret stands accused of a fiduciary breach in its allowance of “unreasonable recordkeeping fees and excessively expensive investments” in the $1.6 billion L Brands 401(k) Savings and Retirement Plan. More specifically, a former plan participant claims that the defendants – the plan sponsor, retirement plan committee and individual fiduciaries – failed to use negotiating power to lower the administrative per participant fee of $56, allegedly almost 60% more than participants should be paying for such services. Further, plaintiffs are accused of failing to offer the lowest available share classes of funds for investment and failed to benchmark the operating expense ratios to lessen fees for plan participants.
www.pionline.com; November 24, 2020.
www.bloomberg.com; November 23, 2020.
www.classactionreporter.com; November 23, 2020.