The U.S. Court of Appeals for the Eighth Circuit has reversed the dismissal of Jeremy Braden v. Wal-Mart Stores Inc. by the U.S. District Court for the Western District of Missouri.

The suit alleges that Wal-Mart's pension and 401(k) administrator breached its fiduciary duty by offering retail funds rather than lower-cost institutional funds, which the company could have negotiated, being of such a large size. As a result, the suit alleges, investors lost tens of millions of dollars in retirement savings. The suit also says that seven of the 10 funds in the plan charge 12b-1 fees, to the detriment of plan participants, and that the funds offered revenue-sharing incentives to be included in the plan.

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