Siemens, the global technology and manufacturing company, is now the latest firm accused of misuse of its forfeited retirement funds in its $8.9 billion 401(k) plan, in a class action lawsuit filed in U.S. District Court for the District of New Jersey on August 23.
In Cain v. Siemens Corporation, Jim Cain, a participant in the Siemens retirement plan who is representing participants and beneficiaries, alleges that the company violated the Employee Retirement Income Security Act (ERISA) by using the assets of the plan "in its own interest." Siemens failed in its fiduciary duty by using "forfeited" assets from former employees to offset future contributions rather than to reduce administrative costs for plan participants, according to the suit.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
