It must feel like déjà vu for Old Dominion Freight Line. The company faces a new ERISA lawsuit just three weeks after a federal judge dismissed a similar case.
The new case, filed on behalf of a proposed class of 26,000 people on September 27, said the Old Dominion retirement plan paid more than $10 million in excessive recordkeeping and investment fees over the past six years.
"Old Dominion selected more-expensive share classes than identical less-expensive share classes of the same investments," according to the new lawsuit, which was filed in late September in Winston-Salem, N.C. "Except for the extra fees, the share classes are/were identical."
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.