A class-action suit has been filed against Biogen Inc., Cambridge, Mass., accusing the company of mismanaging its $1 billion 401(k) plan.
The suit, filed Monday in federal court in Boston by Sarah Gamble on behalf of participants in the Biogen 401(k) Savings Plan, said the company and individuals responsible for managing the plan of breaching their fiduciary duties by failing to disclose to plan participants the expenses and risks associated with the plan's investment options, allowing participants to be charged "unreasonable expenses," and offering investment options that cost more and performed worse than other "more prudent" investment options that "were readily available."
The plaintiffs request a trial by jury.
This ERISA suit is similar to the one filed in July against Biogen, which also said the firm of mismanaged its 401(k) plan by failing to properly assess the prudence of their investment options and offering investment options that cost more and performed worse than other similar available options.
Patrick J. Sheehan, a partner at Whatley Kallas LLP, attorney for the plaintiff, and officials at Biogen could not be reached for comment.
