Morgan Stanley’s 401(k) plan under fire
NEW YORK >> A participant in Morgan Stanley’s 401(k) plan filed a lawsuit Friday in U.S. District Court in New York alleging that it offers investment options that have excessive fees and poor track records, including some mutual funds run by Morgan Stanley itself. The suit accuses the $8 billion plan of causing “hundreds of millions of dollars” in losses for its roughly 60,000 participants. Morgan Stanley declined to comment on the lawsuit. Friday’s suit is the latest in a lengthening string of complaints about high fees and poor investment choices at 401(k) and 403(b) retirement plans around the country. Franklin Templeton’s 401(k) plan was hit with a similar suit last month, for example.