Partial Dismissal Narrowed the Case
In March 2025, Judge Hendrix partially granted Hess’s motion to dismiss, allowing some of Wagner’s claims to move forward while striking others.
The court ruled that Wagner had presented sufficient factual support to maintain his argument regarding the T. Rowe Price target-date funds, but found his allegations over the single asset class investments and index funds were too weak to proceed.
This partial dismissal narrowed the scope of the case but kept alive the central argument that Hess failed its fiduciary duty by not seeking lower-cost, comparable options for plan participants.
Settlement Brings a Quiet End to the Dispute
While details of the Hess 401(k) suit settlement remain under wraps, the agreement effectively ends months of litigation that spotlighted the growing scrutiny over employer-sponsored retirement plans.
The case is one among a wave of ERISA lawsuits filed across the country in recent years, as workers increasingly challenge large corporations over excessive plan fees and questionable investment strategies.
With the trial now canceled and both parties moving toward court approval, the settlement represents a quiet but significant resolution in the ongoing debate over how corporate America manages its employees’ futures.
