(Photo: Diego M. Radzinschi/ALM)
Engineering and construction firm Bechtel was sued last week by a former employee who says the company mismanaged its $5.1 billion retirement plan by defaulting workers into a pricey Empower managed account service that offered them little value, in an Employee Retirement Income Security Act (ERISA) lawsuit.
Plaintiff Debra Hanigan, who filed a class action lawsuit on behalf of all employees in the U.S. District Court for the Eastern District of Virginia, is seeking "all profits which participants would have made if the defendants had fulfilled their fiduciary obligations."
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