Court Hands Down Split Decision in KeyCorp Excessive Fee Lawsuit

Court Hands Down Split Decision in KeyCorp Excessive Fee Lawsuit
A federal judge moved forward claims of excessive administrative and managed account fees but dismissed claims regarding KeyCorp plan’s stable value fund option.
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Parts of a lawsuit alleging fiduciaries of the KeyCorp 401(k) Savings Plan allowed plan participants to pay excessive administration and managed account fees and retained a stable value investment option when it was imprudent will move forward, while some claims were dismissed.
Plaintiffs in the lawsuit filed last summer allege that the defendants breached their duties of prudence and loyalty with respect to the payment of excessive administrative fees, breached their duty of prudence with respect to the payment of excessive managed account fees, and breached their duties of prudence and loyalty with respect to the decision to retain the MaGIC Fund as the plan’s stable value fund option.

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