Salesforce Inc. has settled a couple of outstanding 401(k) lawsuits alleging excessive retirement plan fees for $1.35 million.
Plaintiffs claimed in separate 2020 lawsuits that were consolidated into one case, that Salesforce’s retirement plan committee and executives overseeing violated their fiduciary duty by allowing relatively high fees for certain investments and retaining some poor-performing investments.
The class action settlement will go to more than 50,000 participants. Maybe my math is funny, but that looks to be $27 a participant. That doesn’t factor in how the attorneys get paid on this.
The Salesforce 401(k) Plan held $5.696 billion in retirement assets for 50,288 retirement plan participants, as of the latest Form 5500 filing.
