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SafeWay Lawsuit

Plaintiffs allege that Safeway defendants breached their fiduciary duty of prudence by offering overly expensive funds in the SafeWay defined contribution plan verses comparable, available funds. Further, the funds were absent of sufficient performance records to substantiate the performance/fee differentials. The lawsuit also claims that revenue sharing agreements were maintained resulting in excessive compensation to participating entities, and prohibited transactions under ERISA. Plaintiffs seek losses from fiduciary breaches and reimbursement from SafeWay and Great-West (the Plan’s recordkeeper) for any prohibited transactions.

www.planadviser.com; March 20, 2017.