Sept. 7, 2021, 8:16 PM
Nonprofit research and development organization MITRE Corp. is accused of mismanaging two retirement plans by failing to weed out poorly performing funds or take action to lower administrative fees, according to a proposed class action filed in Massachusetts federal court.
The lawsuit, filed Sept. 3 in the U.S. District Court for the District of Massachusetts, claims MITRE lacked a sufficient process for evaluating and monitoring the plans’ investment options. This forced participants to choose from an “overwhelming number of options,” many of which were underperforming or unduly expensive, according to the complaint.
MITRE is also accused of mishandling the plans’ …