A federal court judge in Grand Rapids, Mich., on Thursday dismissed an ERISA lawsuit against Kellogg Co. and 401(k) plan fiduciaries, filed by a former participant who accused the defendants of paying "unreasonable" record-keeping fees and excessive managed account fees.
The one-page ruling by U.S. District Court Judge Jane M. Beckering didn't discuss her reasons in the case of Fleming vs. Kellogg Co. et al. The judge dismissed the complaint with prejudice, meaning it cannot be refiled in her court.
The plaintiff sued in June 2022, saying plan executive should have looked for another managed-account provider if they couldn't get reduced costs. Record-keeping fees were too high when matched against similar-sized 401(k) plan, the complaint said.
The Kellogg Company Savings and Investment Plan, Battle Creek, Mich., had $2.06 billion in assets as of Dec. 31, 2021, according to the latest Form 5500.