Toss Faith Technologies 401(k) Fee Row Under New Law, Judge Says – Bloomberg Law
By Jacklyn Wille
A lawsuit challenging Faith Technologies Inc.’s retirement plan fees should be dismissed in its entirety under new Seventh Circuit law, with the plan participants given an opportunity to file an amended complaint, a federal magistrate judge in Wisconsin recommended.
Claims challenging the Faith plan’s recordkeeping and investment management fees are substantially similar or nearly identical to the ones recently rejected by the US Court of Appeals for the Seventh Circuit, Magistrate Judge Stephen C. Dries said in a recommendation issued Wednesday. Like the lawsuit rejected on appeal, Genna Laabs’ complaint against Faith doesn’t provide the necessary context to support her …
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