AT&T Retirement Savings Plan Lawsuit
Berger Montague has filed a class action lawsuit on behalf of participants in the AT&T Retirement Savings Plan.
The complaint alleges that, beginning not later than 2012, the fiduciaries in charge of the plan failed to leverage the plan’s huge size to hold down costs paid by plan participants. As a result, the plan recordkeeper was paid fees significantly above market rate, costing plan participants tens of millions of dollars.
The complaint alleges that the plan fiduciaries’ failures were not simply imprudent but instead acting to benefit AT&T at the expense of plan participants. The plan fiduciaries caused plan participants to pay high rates for the recordkeeper’s services, which cost plan participants, in exchange for the recordkeeper providing discounts on what it charged AT&T for services to other employee benefit plans. AT&T arranged for the plan participants to pay more, so that for other plans AT&T could pay less. A copy of the complaint filed is available here.
About Berger Montague
Berger Montague is a full-spectrum class action and complex civil litigation firm. We have been recognized by courts throughout the country for our ability and experience in handling major complex litigation.
Our firm’s Employee Benefits & ERISA Group litigates cases on behalf of employees whose 401(k) and pension investments have suffered severe losses as a result of the breach of fiduciary duties by plan administrators and the companies they represent. Our Employee Benefits & ERISA attorneys have recovered hundreds of millions of dollars in lost retirement benefits for American workers and also favorably structured their retirement plans.