The law firm Schlichter, Bogard and Denton filed another
class action lawsuit challenging a retirement plan for allowing allegedly
excessive fees—this one directed at the Insperity company’s 401(k) program.
As in past cases taken up by Jerry
Schlichter, lead attorney for some 50,000 potential plaintiffs,
the suit argues employees unnecessarily lost millions after plan officials and provider
partners mismanaged their hard-earned retirement dollars.
The complaint, Pledger, et al., v. Reliance Trust
Company, et al., was filed in the U.S. District Court for the Northern
District of Georgia, Atlanta Division. Putting a somewhat different spin on retirement plan litigation than the 2015 Supreme Court case Tibble vs. Edison, also argued by Schlichter, it suggests
Insperity breached its fiduciary duties by causing the plan participants to
pay millions of dollars in excessive recordkeeping fees to Insperity’s
proprietary subsidiary, Insperity Retirement Services.
Plaintiffs further argue the plan’s discretionary trustee,
Reliance Trust, also breached fiduciary duties “concerning its imprudent
investment decisions, including the decision to offer its own proprietary
“These alleged breaches substantially reduced the retirement
assets of the plan participants,” Schlichter says. “The excessive investment
management and recordkeeping fees, as well as the performance losses from
investing in overly expensive funds, cost participants millions of dollars of
their retirement savings.
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