Los Angeles partner Bruce Ashton was quoted in a Los Angeles Times article titled, “Judge rules L.A.'s 'bank to the stars' overcharged its own employees' retirement plan.”
The article discussed the recent ruling by a federal judge against L.A.’s City National Bank. Federal officials alleged City National, which manages its own 401(k) retirement account for employees, had charged high and improper fees to the plan.
"I'm astonished at how City National did this," Bruce said. "Plan sponsors can get reimbursed for reasonable expenses of administering their own plan -- actual out of pocket expenses -- if they keep really good records. We've told clients, they need to have detailed records."