Victoria’s Secret Parent Must Face Suit Over $1.6 Billion 401(k)

September 20, 2021

Victoria’s Secret and Bath & Body Works parent L Brands Inc. must face a proposed class action over its $1.6 billion 401(k) plan, according to an Ohio federal judge’s ruling allowing challenges to plan investments and administrative fees to advance.

Judge Edmund A. Sargus Jr. of the U.S. District Court for the Southern District of Ohio on Thursday allowed all claims in the Employee Retirement Income Security Act lawsuit to advance. In particular, Sargus rejected the idea that L Brands could avoid liability for offering allegedly expensive funds in its 401(k) plan by pointing to the plan’s broad range and ...