Schlichter files another big 401(k) lawsuit

St. Louis law firm Schlichter, Bogard & Denton filed a class-action lawsuit Wednesday on behalf of more than 50,000 employees in the Insperity 401(k) plan.

The suit contends that Insperity, which provides human resources and other business services to small- and medium-sized businesses in the U.S., breached its fiduciary duties by causing employees to pay millions of dollars in excessive record-keeping fees to a subsidiary, Insperity Retirement Services.

Since 2006, the Schlichter firm has filed 18 similar suits has won nine settlements totaling more than $271.5 million.

Read more from the St. Louis Business Journal

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