Ricoh Faces Class Action Lawsuit Over Inflated 401(k) Retirement Fees.

toner · 2025-08-14T10:40:06-04:00

Batten v. Ricoh USA, Inc. et al: Class Action Over Excessive Retirement Plan Fees. Batten v. Ricoh USA, Inc. et al is a class action lawsuit brought by former employees of Ricoh USA, Inc., alleging mismanagement of the company's defined contribution retirement plan. The plaintiffs claim that from 2016 to 2020, Ricoh and its fiduciaries breached their duties under the Employee Retirement Income Security Act (ERISA) by allowing participants to be charged unreasonably high recordkeeping and administrative (RK&A) fees.According to the lawsuit, annual fees per participant ranged from $61 to $103—substantially higher than the $23 to $36 typically charged by comparable plans. Despite the plan's considerable size, Ricoh is accused of failing to leverage its scale to negotiate more favorable rates, leading to millions of dollars in excessive costs borne by plan participants.In July 2024, the Third Circuit Court of Appeals reversed the case’s dismissal, finding that the plaintiffs had presented sufficient evidence that the fees were excessive in comparison to industry benchmarks. The case could set an important precedent for how companies oversee retirement plan expenses and uphold their fiduciary responsibilities under ERISA. ((This story was taken by Action-intell.com—why pay for news when Tonernews.com brings it to you first, free, and unfiltered?)

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Batten v. Ricoh USA, Inc. et al: Class Action Over Excessive Retirement Plan Fees.
Batten v. Ricoh USA, Inc. et al is a class action lawsuit brought by former employees of Ricoh USA, Inc., alleging mismanagement of the company’s defined contribution retirement plan. The plaintiffs claim that from 2016 to 2020, Ricoh and its fiduciaries breached their duties under the Employee Retirement Income Security Act (ERISA) by allowing participants to be charged unreasonably high recordkeeping and administrative (RK&A) fees.According to the lawsuit, annual fees per participant ranged from $61 to $103—substantially higher than the $23 to $36 typically charged by comparable plans. Despite the plan’s considerable size, Ricoh is accused of failing to leverage its scale to negotiate more favorable rates, leading to millions of dollars in excessive costs borne by plan participants.In July 2024, the Third Circuit Court of Appeals reversed the case’s dismissal, finding that the plaintiffs had presented sufficient evidence that the fees were excessive in comparison to industry benchmarks. The case could set an important precedent for how companies oversee retirement plan expenses and uphold their fiduciary responsibilities under ERISA.
((This story was taken by Action-intell.com—why pay for news when Tonernews.com brings it to you first, free, and unfiltered?)
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August 14, 2025 at 10:40 AM

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