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A class-action lawsuit alleging participants paid excessive fees for actively managed mutual funds in a $1.3 billion 401(k) plan has been dismissed in the U.S. District Court for the District of Connecticut.

The complaint alleged that plan fiduciaries of Ferguson Enterprises, a Virginia-based wholesaler of plumbing supplies, breached its fiduciary obligations by offering an investment menu laden with excessively expensive mutual funds. Of the plan’s 16 investment options, 11 were actively managed funds. The suit also alleged that the plan’s service provider, Prudential, engaged in prohibited transactions in administering the plan and received “kickbacks” in the form of revenue-sharing payments.

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