The bigger they are, the bigger the class-action suit. Participants in Wal-Mart’s 401(k) plan have filed a $9.9 billion class action suit against the retail giant, asserting the plan’s fees were too costly. However, execs have issued a slap in return, saying the allegations are “mere speculation” and have a “myopic focus.” I have no idea if the plaintiffs have a case, but just want to note that this lawsuit is a drop in the bucket compared to the company’s FY08 profits, and execs perhaps have some PR making up to do after this debacle earlier this year.
Also, if you’re satisfied with your health plan, AHIP wants you! America’s Health Insurance Plans is launching an expensive initiative to start a “fan club” to stem the anti-health insurance industry backlash that’s swelled in recent years. The outreach should be coming to a town near you as early as this week. I could be wrong, but I think they might have trouble drumming up membership for this one.
