MFS violated the Employee Retirement Income Security Act (“ERISA”) by seeking to maximize MFS’ profits at the expense of its current & former employees. The lawsuit alleges that Defendants loaded MFS 401(k) plans with its own high-cost MFS investment products charging employee participants millions of dollars per year in excess fees to boost its own profits at the expense of employee participants. The lawsuit seeks to recover the excessive fees charged to employee participants over the past 6 years and to obtain injunctive and other equitable relief for employee participants as a remedy for MFS’ violations of ERISA. Read the Complaint here.
Class Legal Team
Kai H. Richter of Nichols Kaster PLLP & Major Khan of MKLLC Law.
July 19, 2018 Plaintiffs (employee participants) defeated MFS’ first Motion to Dismiss this case. Read the Court’s Order here.
What this means
Good news for plaintiffs but the fight is not over. MFS can file additional motions to try to get the Court to dismiss the case before it is settled or goes to trial.
What to expect next
Parties will engage in fact discovery, document exchanges & depositions into early 2019. Final motions before trial will likely be heard by June 2019. If the case is not resolved by this time, it’s possible a trial date will be set in late 2019.
Who can join this class action?
Any current or former MFS employee who participated in any MFS 401(k) Plan.
Is there any cost to me?
No. All plaintiff attorneys are litigating this case on a contingency fee basis.
How can I help and/or participate?
- We are interested in reviewing documents you can download from the Massachusetts Financial Services Company website:
- Summary Plan Description (SPD)
- Annual Fee Disclosure
- Statements – Please feel free to blackout any personal data
Please email these to firstname.lastname@example.org or fax to 646-546-5755.
- Refer other affected Massachusetts Financial Services Company employees by sharing this page and or posting on social media (FB, LinkedIn).
- Join the case as a plaintiff Class Representative.
Please feel free to email email@example.com or call 646-546-5664 with any additional questions.