A proposed class of Anthem workers has filed a lawsuit claiming the Indianapolis-based health insurer loaded its 401(k) plan with high-fee mutual funds, according to a Bloomberg BNA report.
The workers claim Anthem selected high-priced share classes of mutual funds over lower-cost share classes that are "readily available" to plans of this size. The plan allegedly has more than $5.1 billion in assets, according to the report.
The workers also allege Anthem paid excessive fees to the Vanguard entities that service the 401(k) plan.
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