Staples Inc. was sued Thursday by two former employees who say the retailer mismanages its 401(k) plans by failing to rein in administrative fees and offering a faulty stable value fund.
The office supply seller’s retirement plans invested more than $20 million in a stable value fund that provided subpar returns while enriching the plans’ recordkeeper, the workers said in a proposed class complaint. The plans also allegedly paid excessive annual recordkeeping and administrative fees—more than $41 per person—when a reasonable annual fee would be no more than $25 per person.
- The lawsuit, filed in the US District Court …