Quest Diagnostics hit by lawsuit alleging excessive fees for 401(k)

Clinical laboratory company Quest Diagnostics is the target of a class action complaint alleging the retirement plan balances of workers contributing to the company’s 401(k) profit-sharing retirement plan were depleted by excessive fees charged for in-plan investments, Plansponsor reports. Attorneys for the plaintiffs argue that Quest plan fiduciaries failed to disclose the fees paid to third-party providers by plan participants, did not employ a rigorous process to control in-plan fund investment fees and did not ensure workers would pay reasonable fees for core investments in the plan.