Excessive Fee Lawsuit Targets RK Fees


In the U.S. District Court for the Southern District of Ohio, a lawsuit was filed by plaintiff-participants Gregory Stark, William Gaff and Michael Lewin as representatives on behalf of participants in the $2.9 billion Keycorp 401(k) Savings Plan. The suit claims the fiduciary defendants did not monitor or control the Plan’s expenses for record-keeping and related administrative services, resulting in millions of dollars in excessive fees to the plan and the participants since the commencement of the statutory period.

Continuing, each of the three plan participants indicated they had been financially injured by the Defendants’ unlawful conduct and their account would be worth more in present day if the defendants did not violate ERISA as described herein.

Click here to read the lawsuit in full.

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