A recent ruling by the U.S. Court of Appeals for the Fifth Circuit has allowed a certified class action to proceed against fiduciaries responsible for managing retirement, health, and fringe benefits plans. The class action involves approximately 300,000 plan participants who allege that Fringe Benefit Group companies profited improperly by charging excessive fees. According to the opinion authored by Circuit Judge Carl E. Stewart, the trial court did not abuse its discretion in certifying the class action, though it must now permit non-party potential plaintiffs the option to opt out on remand.
For further details, the original article can be found here.