Capital One takes on 401(k) plan fee challenge

By Emily Brill (March 14, 2022, 3:40 p.m. EDT) — Capital One is seeking to evade a proposed class action lawsuit challenging its 401(k) plan fees and investments in federal court in Virginia, saying the lawsuit under of the Employee Retirement Income Security Act does not convincingly argue that the plan was mismanaged.

Capital One Financial Corp. argued in a motion to dismiss filed Friday that the complaint, filed Dec. 31, “is based on a small handful of circumstantial assertions” rather than a factual pattern that gives rise to an inference of mismanagement of the scheme.

The proposed class of Capital One 401(k) plan participants, led by former bank employee Raul Morales, failed to compare the performance of the challenged investment funds…

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