Participants in a Mercedes-Benz U.S. International Inc. 401(k) plan have dropped their ERISA lawsuit against the company and plan fiduciaries, according to a Sept. 29 filing in a U.S. District Court in Tuscaloosa, Ala.
No reason and no details were given in the joint filing by attorneys representing plaintiffs and defendants in the case of Spitzley et al. vs. Mercedes-Benz International Inc. et al. Each party will pay for their own attorneys' fees, expenses and costs, the document said.
The participants sued in January 2021 alleging excessive fees when compared to similar-size plans and failing to monitor costs in violation of ERISA.
The Mercedes-Benz U.S. International Inc. Retirement and Savings Plan, Vance, Ala., had assets of $1 billion as of Dec. 31, 2020, according to the latest Form 5500.