AT&T Beats Class Suit Over 401(k), Labor Department Filings (1)

AT&T Services Inc. defeated a 245,000-person class challenge to its 401(k) plan fees when a federal judge in California ruled the fees were reasonable and appropriately monitored and that certain fees weren’t required to be disclosed in annual Labor Department filings.

AT&T’s benefit plan committee acted prudently in monitoring the record-keeping fees paid to Fidelity, Judge Virginia A. Phillips of the U.S. District Court for the Central District of California ruled in an Oct. 7 revision of an opinion originally published Sept. 28. The committee periodically reviewed Fidelity’s disclosures and invoices, hired outside experts to review Fidelity’s compensation, and negotiated ...