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District Court dismisses 401(k) fiduciary breach lawsuit against Chevron

The plaintiffs argued that the company provided a money market fund instead of a stable value fund and paid excessive record-keeping fees to Vanguard Group, among other wrongdoings.

A lawsuit against Chevron Corp. over alleged 401(k) fiduciary breaches has been dismissed by a U.S. District Court judge in Oakland, Calif.

Judge Phyllis J. Hamilton on Monday granted defendants’ motion to dismiss the complaint brought by participants in the roughly $19 billion Chevron Employee Savings Investment Plan, San Ramon, Calif., in February.

The plaintiffs argued that Chevron and members of the 401(k) plan’s investment committee breached their fiduciary duties by offering high-cost and underperforming funds, providing a money market fund instead of a stable value fund and paying excessive record-keeping fees to Vanguard Group, among other wrongdoings.