(Photo: Richard Drew/AP)
While there's been a flurry of activity on the excessive fee litigation front, Wall Street powerhouse Goldman Sachs last week won its big class action excessive fee suit brought against it on behalf of 17,000 participants in the company's $7.5 billion 401(k) plan.
The suit, brought by participant Leonid Falberg, alleged that by investing in its own proprietary mutual funds, Goldman and its in-house fiduciaries breached their duties under ERISA by "only reluctantly and belatedly" removing underperforming Goldman investment funds as options in 2017, failing to consider lower-cost institutional investment vehicles and failing to claim "free rebates" on behalf of the Plan that allegedly were available to other similarly situated retirement plans that invested in the Goldman funds.
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