MSCS, Matrix Prohibited Transactions in Retirement Plans ERISA Complaint

June 3, 2022

This class action is about prohibited transactions involving mutual fund fees taken from two retirement plans, the MBA Engineering, Inc. Employees 401(k) Plan and the MBA Engineering, Inc. Cash Balance Plan. The complaint alleges that the fees removed from the plan total at least $40 million and possibly as much as $400 million and that these payments were not disclosed to the plan participants. The transactions in this case are prohibited under the Employee Retirement Income Security Act of 1974 (ERISA) and breached the defendants’ fiduciary duties, the complaint claims.