June 13, 2023
(Bloomberg Law) - The American National Red Cross asked a federal judge to dismiss litigation over its retirement plan, saying the plan participants’ claims of excessive fees are “contradicted” by documents cited in their complaint.
The proposed class action is based on inappropriate comparisons with dissimilar plans that have been cherry-picked to make the Red Cross plan’s fees look excessive, the organization argued in a June 9 motion. The participants overstate the fees they paid by misconstruing plan disclosures and overlooking the fact that some fees were paid by the Red Cross itself, the group said.
By Jacklyn Wille | Legal Reporter
June 12, 2023
