Multi-million dollar cases are being brought against retirement plan sponsors and their providers. In one high profile case, a former Morgan Stanley employee alleges the company mismanaged its employees' 401(k) plans by stacking them with MS vehicles that consistently under-performed.
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Employers prepare for more legal challenges on retirement plans
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David DeMuro, a lawyer at Neal, Gerber & Eisenberg who represents securities companies, says these suits are affecting not only large companies and institutions but also smaller plans with limited assets and resources. He believes the threat of litigation creates a dilemma for smaller plans that cannot afford to manage a wide selection of investments and could become overly focused on fees.
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