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Cunningham v. USI Ins. Servs. LLC

ERISA Suit Over 401(k) Retirement Plan Dismissed; Excessive Fees Inadequately Pleaded

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OPINION & ORDER Plaintiff Lauren Cunningham, a participating employee of the USI 401(k) Plan (the “Plan”), brings this putative class action under the Employee Retirement Income Security Act (“ERISA”), 29 U.S.C. §1132, against Defendants USI Insurance Services, LLC (“USI”), its Board of Directors (the “Board”), the USI 401(k) Plan Committee (the “Plan Committee”), and John and Jane Does 1-30. She alleges Defendants breached their fiduciary duties of prudence and loyalty, and failed to adequately monitor other fiduciaries, by employing USI Consulting Group (“USICG”), their whollyowned subsidiary, to provide retirement plan services (“RPS”) to participating employees of the Plan and allowing USICG to charge excessive fees for such services. (See ECF No. 44, Amended Complaint, “Amend. Compl.”

10-16.) Presently before the Court is Defendants’ motion to dismiss Plaintiff’s Amended Complaint under Federal Rule of Civil Procedure 12(b)(6). (ECF No. 55.) For the following reasons, the Court GRANTS Defendants’ motion to dismiss. BACKGROUND I. Factual Background The following facts are derived from the Amended Complaint and are taken as true and constructed in the light most favorable to Plaintiff for the purposes of this motion. USI offers its employees the Plan, a 401(k)-savings plan designed to provide them with a vehicle to invest for retirement. (Amend. Compl.

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