The Danish international container shipping company Maersk is a facing a class-action lawsuit from participants in its 401(k) plan for "execessive" fees charged by the plan's recordkeeper, John Hancock Retirement Plan Services.
The suit, filed in the U.S. District Court for the Western District of North Carolina, states that Maersk breached its fiduciary duty by requiring the plan to pay excessive recordkeeping and administrative fees and by failing to remove the John Hancock retirement plan arm as recordkeeper despite the costs.
Maersk also "egregiously" failed to monitor the company 401(k)'s total RK&A fees paid to John Hancock, according to the suit.
John Hancock has been the recordkeeper of the plan for eight years or more, the suit states.
The suit alleges a breach of the fiduciary duty of prudence and loyalty by Maersk's pension committee for "incurring unreasonable and discriminatory" total RKA fees.
The pension committee paid a premium of more than 305% per participant for total RKA fees during the class period, according to the suit.
