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NEWS - Wal-Mart and Merrill Lynch to Pay $13.5M for Excessive Fee Suit

December 6, 2011 – Wal-Mart and Merrill Lynch, its retirement plan administrator, allegedly breached their fiduciary duty for nearly two million past and present Wal-Mart employees in the company’s 401(k) plan, according to news reports.

According to papers filed in a Kansas City federal court, the two defendants admitted no wrongdoing. However, Wal-Mart said it would “further its goal to offer investment options with fees that are reasonable,” remove mutual funds that charge high fees and provide more financial education to its employees.

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http://www.planadviser.com/Wal_Mart_and_Merrill_Lynch_to_Pay_13_5M_for_Excessive_Fee_Suit.aspx