A federal judge in Winston-Salem, N.C., has dismissed an ERISA lawsuit filed by a participant in a 401(k) plan offered by Old Dominion Freight Line Inc. because the plaintiff didn't invest in any of the plan menu choices that he criticized.
"The complaint contains no factual support for the conclusory allegations that he personally invested in any of the imprudent investment options, nor that he suffered any other type of specific financial loss," U.S. District Court Judge Thomas D. Schroeder wrote on Sept. 6 in the case of Harvey L. Davis vs. Old Dominion Freight Line Inc.
Absent any investment by the plaintiff, who was seeking class-action status, the judge supported the company's motion to dismiss because Mr. Davis lacked standing to sue.
Mr. Davis sued in 2022 contending that the plan charged high record-keeping fees and contained poorly performing investments.
"But he provides no factual allegation of what those costs and investments were," the judge wrote.
Old Dominion 401(k) Retirement Plan, Thomasville, N.C., had $1.79 billion in assets as of Dec. 31, 2022, according to the latest Form 5500.