Westinghouse Air Brake Technologies Corporation (Wabtec) Excessive Fee Class Action

Class action attorneys are investigating whether the fiduciaries of the Wabtec Savings Plan (the “401k Plan”), sponsored by the Westinghouse Air Brake Technologies Corporation have mismanaged the assets of the Plan. Potential class members consist of current and former employees of Wabtec Corporation who have or had 401k account investments in the 401k Plan for the period beginning January 1, 2015 to the present. Potential class members are eligible to participate in the investigation and may be entitled to future compensation in this potential 401K Plan class action. Please note that there is no charge to receive additional information or to participate in the Wabtec 401k Plan Class Action investigation.

Join the Wabtec Corporation 401k Class Action Investigation

401(k) and (for nonprofits) 403(b) accounts have become the primary means by which most employees in the United States save for retirement. Under the Employee Retirement Income and Security Act of 1974 (“ERISA”), an employer is required to operate ERISA plans solely in the best interests of its participating employees. A plan may select only prudent investment and charge only reasonable fees. As the United States Supreme Court held in its Tibble v. Edison decision, it is a breach of fiduciary duty for a plan sponsor to waste employee assets by paying unnecessary fees. The United States Department of Labor has consistently expressed concerns about the detrimental impact of fees on the growth of employees’ retirement savings. The U.S. Department of Labor has estimated that over 35 years a 1% difference in fees and expenses can reduce a participant’s account balance at retirement by as much as 28%.

The potential losses and excessive fees in the Plan relate to the following Fidelity Freedom Target Date Funds:

Fidelity Freedom 2005 Fund K
Fidelity Freedom 2010 Fund K
Fidelity Freedom 2015 Fund K
Fidelity Freedom 2020 Fund K
Fidelity Freedom 2025 Fund K
Fidelity Freedom 2030 Fund K
Fidelity Freedom 2035 Fund K
Fidelity Freedom 2040 Fund K
Fidelity Freedom 2045 Fund K
Fidelity Freedom 2050 Fund K
Fidelity Freedom 2055 Fund K
Fidelity Freedom 2060 Fund K
Fidelity Freedom 2065 Fund K
Fidelity Freedom Income Fund K
Fidelity Growth Company Fund K

These funds are suspected of consistently underperforming their benchmarks and charging excessive fees.