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Pension

‘Short’ Excessive Fee Suit Struck Down

Noting that “Plaintiffs fail to plausibly allege the Committee breached its ERISA-imposed fiduciary duty by charging unreasonable recordkeeping fees” — another excessive fee suit has been dismissed. The plaintiffs here — Keith K. Kruchten, Angel D. Muratalla and William Begani — sued on behalf of the $2.1. billion Ricoh USA, Inc. Retirement Savings Plan earlier this year. They’re represented by Capozzi Adler PC and rely on a foundation of allegations that are basically a “rinse and repeat” from other suits.  In a suit that was a mere 27 pages long,...