Old Dominion Freight Line was hit with an ERISA class action on Sept. 27 in North Carolina Middle District Court over its 401(k) retirement plan. The suit, brought by the Norris Law Firm, Wenzel Fenton Cabassa and McKay Law, accuses the defendant of breaching fiduciary duties to plan participants by offering a suite of JPMorgan target date funds that, according to the suit, perform worse than many similar mutual fund alternatives. The suit also alleges that the defendant allowed recordkeeper Empower to charge unreasonable recordkeeping fees to plan participants. Counsel have not yet appeared for the defendant. The case is 1:23-cv-00819, Sealy et al. v. Old Dominion Freight Line Inc.
Transportation & Logistics
September 27, 2023, 6:40 PM