Bank of America Tower in downtown Boca Raton
Another employer has been hit with a fiduciary breach class action lawsuit, alleging misuse of 401(k) plan forfeitures: Bank of America was sued by participants last week for improperly benefitting from the 401(k) plan money forfeited by employees who left the company.
In a similar lawsuit, Wells Fargo was sued in June by participants over misuse of 401(k) forfeited funds, while similar 401(k) forfeiture fiduciary breach lawsuits, under ERISA, have been filed recently against Thermo Fisher Scientific, Tetra Tech, Honeywell, HP, Mattel, Intuit, Clorox, Thermo Fisher, Qualcomm and Intel, questioning the use of forfeited assets to reduce employer contributions in 401(k) plans.
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