There is a new class-action lawsuit between the Anthem Inc. 401(k) plan and fiduciaries claiming an alleged fiduciary breach because of excessive investment management and administrative fees. The current fund lineup that Anthem has is predominantly made up of funds offered by Vanguard, which is recognized as a low-cost fund provider and the plan’s current record keeper. “The suit, Bell et al. v. Anthem Inc. et al., was filed Dec. 29 in the U.S. District Court for the Southern District of Indiana, Indianapolis division.” The suit alleges that Anthem fiduciaries breached their duties under the Employee Retirement Income Security Act of 1974. This article describes the reasoning behind the allegations of “excessive fees” paid to Vanguard. There have been many similar lawsuits being filed lately concerning overblown fund and administrative fees.
See Greg Lacurci, New 401(k) suit targets Vanguard fund fees, Investment News, January 5, 2016.
