The plaintiffs are represented by McCathern Law Firm.
A spokesperson for Matrix said in a statement that the company will defend itself against the claims and expects to prevail in court. “Matrix Trust and its affiliates have provided technology-based solutions to the bank trust and retirement industry with the highest integrity for over 20 years. Matrix vehemently rejects these baseless and unsubstantiated allegations made by MBA Engineering,” the company wrote in an email statement. “We have always acted in a manner consistent with our contractual obligations and in full compliance with the law.” Whether the plaintiffs receive class certification is crucial to the case. The MBA Engineering 401(k) plan, for example, is small, with only 34 active accounts as of the end of 2019, according to a filing with the DOL. The company also has a cash-balance plan. The lawsuit was filed in U.S. District Court in the Northern District of Texas, Dallas Division. The case was filed in that state, rather than Minnesota or Colorado, where the plaintiff and defendant are based, as “ERISA allows for broad nationwide service of process on defendants in any district where they reside or may be found,” the complaint read. [More: Why 401(k) fees are a mystery]The post Matrix Trust Co. sued over alleged lack of 401(k) fee disclosure appeared first on InvestmentNews.


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