Wal-Mart Draws 401(k) Fee Scrutiny

November 7, 2007 (PLANSPONSOR.com) - Wal-Mart has drawn the scrutiny of an ERISA litigation firm in a move that could mark the beginning of a second wave of revenue-sharing lawsuits.

Seattle-based Keller Rohrback L.L.P. – purveyors of the web site http://www.erisafraud.com – has announced an “investigation” of Wal-Mart Stores, Inc. “…regarding the various investment options currently being offered to the participants in the Wal-Mart Profit Sharing and 401(k) Plan.” A press release notes that the investigation is focusing on “…the fees and expenses pertaining to those options and the bases for the selection of investment options for the Plan”.

As is the case with most of these investigations, the press release invites participants in the plan who are concerned about the issue under scrutiny – here the fees and expenses paid – to contact the law firm.

According to the press release, Keller Rohrback serves as lead and co-lead counsel in numerous ERISA class action cases, including cases against Enron, WorldCom, Inc., HealthSouth, and Marsh & McLennan Companies, as well as ERISA cash balance pension plan cases, including JPMorgan Chase & Co.

Last September, the St. Lous-based law firm of Schlichter, Bogard & Denton filed a series of revenue-sharing lawsuits against about a dozen large employers (see Law Firm Launches Lawsuits Over 401(k) Fees ). Most of those cases are still in the court system in various jurisdictions, though one has been tossed (see Judge Refuses Reconsideration Request on Deere Fee Suit Dismissal ).