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401(k) participants sue Live Nation, alleging excessive fees

Posted On: Mar. 24, 2023 9:59 AM CST

Former participants and beneficiaries of Live Nation Entertainment Inc.’s 401(k) plan filed a class action complaint against the company and its plan committee on March 15, alleging breaches of fiduciary duty under the Employee Retirement Income Security Act, reports Plansponsor. The plaintiffs, Pamela Avecilla and Sean Bailey, in a suit filed in the U.S. District Court for the Central District of California, have accused Live Nation of offering and maintaining investment offerings with higher-cost share classes when identical lower cost class shares were available and could have been offered to participants.