Add Oracle Corp. to the queue of mega plan sponsors accused of ignoring their fiduciary obligation to 401(k) plan participants.
Allegedly, participants in the tech giant’s 401(k) plan, which held more than $12 billion in assets at the end of 2014, paid recordkeeping and administrative fees that were “multiples of the market rate for the same services,” according to a complaint filed in U.S. District Court for the District of Colorado.
Plan fiduciaries also engaged in transactions “expressly” prohibited by the Employee Retirement Income Security Act, according to court documents.
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