AmerisourceBergen Corp. must face a proposed class action claiming it allowed its employee 401(k) plan to incur excessive fees for recordkeeping and administrative services, a Kentucky federal judge ruled Tuesday. U.S. District Judge David J. Hale partially denied the drug company’s motion to dismiss, allowing the case to move forward.
AmerisourceBergen 401(k) Fee Suit : Workers Allege Excessive Fees
The lawsuit, filed by four current and former employees—Kenneth Dukes, Mark Gale, Christine Chavis, and David Fly—alleges that AmerisourceBergen violated the Employee Retirement Income Security Act (ERISA) by breaching its fiduciary duties. The plaintiffs argue that from 2017 to 2021, the company’s retirement plan paid an average of $60 per participant in recordkeeping fees, more than twice the amount similarly sized plans paid for the same services. The lawsuit notes that AmerisourceBergen’s plan had over $1.9 billion in assets and 23,600 participants, placing it in a strong position to negotiate lower fees.
