Elizabeth Jonas commented on the U.S. Court of Appeals for the Second Circuit's dismissal of a fiduciary breach case against Deloitte LLP by employees who alleged excessive fees in their 401(k) plan. The decision, issued on December 10, 2024, establishes a clearer standard for comparing plan costs, requiring the need for "apples-to-apples" comparisons of costs and services, rather than just focusing on direct fee comparisons to demonstrate that fees are unreasonably high. According to Jonas, the ruling helps to develop the law concerning the types of facts that need to be alleged to withstand a motion to dismiss. "This decision demonstrates mainly that you can't just compare cost in a vacuum," Jonas said. "You need to allege facts sufficient to understand the nature and quality of the services provided."