By Taylor Sienkiewicz,Summit Daily
FRISCO — A class-action lawsuit filed against Vail Resorts accuses the company of failing to effectively monitor 401(k) retirement plan investments.
The suit was filed Feb. 24 by Baird Quinn, Greg Coleman Law, Crueger Dickinson and Jordan Lewis, and it alleges that Vail Resorts is in breach of its fiduciary duties defined under the Employee Retirement Income Security Act.
The plaintiff, Debra Kurtz, who is a representative of the class of participants, claims she and all participants in the Vail Resorts 401(k) retirement plan suffered financial harm. The lawsuit focuses what it calls high administrative fees and poor net performance of the plan, which the plaintiff claims violate the company’s fiduciary duty.
“These investment options and unreasonable fees cannot be justified,” the lawsuit reads. “Their presence confirms more than simply sloppy business practice; their presence is the result of a breach of the fiduciary duties owed by Vail to plan participants and beneficiaries.”
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