Case: Retirement Plans / Class Actions (ND Cal.)

Benefits & Executive Comp

June 17, 2021, 12:07 p.m.

A proposed class action lawsuit against the 401 (k) plan charges from California-based biotech company Genentech Inc. has partially cleared a dismissal motion in the US District Court for the Northern District of California. By identifying a similarly sized pension plan that paid significantly fewer administrative fees to the same service provider, plan participant Matthew Wehner establishes a viable ERISA claim, the court said. However, the court dismissed appeals against the $ 7.6 billion plan’s custom target term funds and fiduciary infidelity allegations.

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