PNC Financial Workers Revive 401(k) Fee Suit with Better Data – Bloomberg Law

PNC Financial Services Group Inc. employees challenging the fees in their $5.7 billion 401(k) plan advanced the bulk of their lawsuit after a Pittsburgh federal judge said their amended complaint included better comparisons than the complaint she previously dismissed.

The plaintiffs, who seek to represent a class of participants in PNC’s 66,000-person 401(k) plan, have a viable claim that the plan’s fiduciaries breached their duties in failing to negotiate a better deal on recordkeeping fees, Judge Christy Criswell Wiegand of the U.S. District Court for the Western District of Pennsylvania said Thursday. They adequately claimed that the plan’s annual recordkeeping …

Source: news.bloomberglaw.com