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Trader Joe’sThe excessive 401(k) fees class action lawsuits keep coming. Last week, Trader Joe’s Co. employees filed a class action suit against the grocery chain, alleging their retirement plan was overinvested in a single fund that charged “needlessly high fees” and misused forfeited funds, alleged in the suit.
About 70% of the Trader Joe’s $2.7 million 401(k) plan—nearly $2 billion—was invested in the American Funds American Balanced Fund R4 until 2021, even though “much cheaper” versions of this investment were available, workers said in the complaint, Stephan et al v. Trader Joe’s Co. et al., filed in U.S. district court for the District of Massachusetts.
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