Key 401(k) Supreme Court suit will shake up retirement plan advisers | InvestmentNews by Darla Mercado
As 2014 winds down, retirement plan experts are eyeing a key U.S. Supreme Court case that could shake up the way financial advisers work with their retirement plan clients.
The case in question is the famed Glenn Tibble v. Edison International suit, which was filed in 2007 and was a pioneer among lawsuits brought by employees against their employers for excessive 401(k) fees.
A key issue in the case is that Edison gave its plan participants about 40 mutual funds to choose from within the 401(k) menu. Six of those funds were retail share class funds, even though cheaper institutional share class versions were available.