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New suit alleges Oracle misrepresented Form 5500 filings

Oracle has been accused of ignoring its fiduciary obligation to 401(k) plan participants, according to a complaint filed in U.S. District Court.

By Nick Thornton | Updated on January 28, 2016
Team Oracle stunt pilot Sean Tucker, top, is joined in close formation by a pair of U.S. Navy Blue Angels as they trail vapor during an air show practice run in view of Mount Rainer, Thursday, July 30, 2015. (AP Photo/Elaine Thompson)

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.

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Nick Thornton

Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.

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