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In landmark Tibble 401(k) case, participants recover modest sums, lawyers pocket millions

Looking at the 401(k) excessive fees case Tibble v. Edison, which went to the Supreme Court, who really benefits from the tens of millions in damages and settlements sponsors and providers have paid?

By Nick Thornton | Updated on August 23, 2017
Looking at the 401(k) excessive fees case Tibble v. Edison, which went to the Supreme Court, who really benefits from the tens of millions sponsors and providers have paid?(Photo: AP)

A California federal court’s ruling last week in Tibble v. Edison reaffirmed a decision reached eight years ago, when the same court said fiduciaries of the $3.9 billion Southern California Edison 401(k) plan breached their obligations under the Employee Retirement Income Security Act by offering retail share classes of mutual funds when cheaper institutional shares were available.

The Tibble case is considered a progenitor to a generation of lawsuits against sponsors and service providers to defined contribution plans.

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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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