Former Cook Medical employee, Drew Mateya, filed the lawsuit on June 27 on behalf of current and former employees.
More than 12,000 current and former employees are impacted by the problem, according to Carmel law firm Wagner Reese, which represents Mateya.“I don’t think the average consumer has the ability to go and look at their documents because the fees are hidden at different levels,” said Devereux. “You don’t often know the fee is improper because it says this Is the fee for this class of shares. “
“People need to know their retirement is going to be there for them when they come to retire, and they’re entitled to the full value of what they should have had,” said Devereux. “That’s all we are seeking in this case. Make these people whole. Put them back into the position they should have been in had you done your job.”
More than 170 lawsuits have been filed against other companies across the country making similar allegations involving 401k plans, said Devereux.