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Old Dominion Freight Gets Sued (Again) by Employees over Its 401(k) Plan

Just weeks after a federal judge dismissed an ERISA lawsuit against the company over allegations of excessive fees, employees are claiming the 401(k) plan offered funds that performed worse than alternatives.

By Alan Goforth | October 09, 2023 at 10:35 AM

It must feel like déjà vu for Old Dominion Freight Line. The company faces a new ERISA lawsuit just three weeks after a federal judge dismissed a similar case.

The new case, filed on behalf of a proposed class of 26,000 people on September 27, said the Old Dominion retirement plan paid more than $10 million in excessive recordkeeping and investment fees over the past six years.

“Old Dominion selected more-expensive share classes than identical less-expensive share classes of the same investments,” according to the new lawsuit, which was filed in late September in Winston-Salem, N.C. “Except for the extra fees, the share classes are/were identical.”

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