A proposed class action challenging the 401(k) service fees charged by Nationwide Life Insurance Co. has expanded to name mass tort law firm Andrus Wagstaff PC as a defendant.
The lawsuit, initially filed in 2017 by an investor in the law firm’s $1.6 million 401(k) plan, survived Nationwide’s motion to dismiss in August. The judge on Oct. 1 accepted an amended complaint specifically naming the Denver-based firm as a defendant.
The updated lawsuit seeks to represent about 250,000 retirement investors and more than 7,000 401(k) plans serviced by Nationwide. At issue is Nationwide’s practice of charging a flat 1 percent ...
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