BLOOMINGTON — A Bloomington medical device company is facing a class action lawsuit accusing its retirement plan of charging excessive fees.
Former Cook Medical employee, Drew Mateya, filed the lawsuit on June 27 on behalf of current and former employees.
The federal lawsuit alleges that Cook’s 401(k) plan charged excessively high fees, costing workers considerable amounts of retirement income.
More than 12,000 current and former employees are impacted by the problem, according to Carmel law firm Wagner Reese, which represents Mateya.
Attorney Tim Devereux said employees had no idea this was happening.
“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. “
If the court certifies the lawsuit as a class action, attorneys will have the ability to get the contact information for all potential members of the class from Cook Medical and will notify members, said Devereux.
“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.”
Cook Medical responded to the lawsuit, telling WRTV, “We take our fiduciary responsibilities very seriously and we will defend this lawsuit vigorously."
More than 170 lawsuits have been filed against other companies across the country making similar allegations involving 401k plans, said Devereux.
“For so many hardworking Americans, 401(k)s are the only form of retirement savings they have,” said Devereux. “The idea that 401(k) sponsors have allowed these excessive fees to chip away at unsuspecting people’s retirement savings is unacceptable.”
-
Westfield offers prize for supporting local businesses during SR 32 construction
The City of Westfield launched the “Brave the Barricades” initiative to support local businesses affected by SR 32 construction.
CAFE on far east side serves hundreds during pantry giveaway
A local neighborhood center is making sure east side residents have access to fresh produce, clothing and resources they need to survive.
Hundreds rally at the Statehouse against SB1 affecting education and libraries
Opponents of the bill worry it will reduce funding and force public schools to share property tax revenue with charter schools, leading to financial strain on public education and library services.
Indiana health professionals try to encourage measles vaccinations amid outbreak
There are more than 700 cases of measles in the United States this year, including six in Indiana. Local health officials are doing what they can to stop the outbreak before it gets worse.
