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General Mills retirement plan class action lawsuit overview:
- Who: Samina K. Yasmin filed a class action lawsuit against General Mills Inc., its board of directors and general finance committee and Christopher Brunson, vice president of Total Rewards.
- Why: Yasmin claims General Mills violated its “duty of prudence” to its retirement plan holders by allowing the plan to continue paying “excessive” recordkeeping fees.
- Where: The class action lawsuit was filed in Minnesota federal court.
General Mills breached its “duty of prudence” that it owed to retirement plan holders by not removing a high-cost recordkeeper that caused the plan to pay “excessive” recordkeeping fees, a new class action lawsuit alleges.
Plaintiff Samina K. Yasmin claims the General Mills retirement plan had “objectively unreasonable” recordkeeping fees that cannot be “contextually justified.”
Yasmin argues General Mills breached its duty of prudence because the recordkeeping fees allegedly “do not fall within the range of reasonable judgments a fiduciary may make based on her experience and expertise.”
General Mills class action alleges company violated ‘duty of loyalty’ to retirement plan holders
General Mills also violated its “duty of loyalty” by providing “superfluous ‘plan administrator’ services” to the Plan and paying itself illicitly with plan assets,” the General Mills retirement plan class action alleges.
“Defendants unreasonably failed to leverage the size of the Plan to pay reasonable fees for Plan RKA services,” the General Mills class action states.
Yasmin claims General Mills violates the Employee Retirement Income Security Act. She demands a jury trial and requests declaratory and injunctive relief along with an award of equitable relief for herself and all class members.
Yasmin wants to represent a nationwide class of all participants and beneficiaries of the General Mills (401k) plan since Oct. 14, 2016.
In April, a consumer filed a separate class action lawsuit against General Mills, arguing that the company misrepresented that its Gardetto’s Garlic Rye Chips predominantly contain rye flour.
Are you a participant or beneficiary of the General Mills retirement plan? Let us know in the comments!
The plaintiff is represented by Amy R. Mason of Miller & Stevens, P.A., and Paul M. Secunda of Walcheske & Luzi, LLC.
The General Mills retirement plan class action lawsuit is Yasmin v. General Mills, Inc., et al., Case No. 0:22-cv-02572, in the U.S. District Court for the District of Minnesota.
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