The JPMorgan Chase & Co. headquarters on Park Avenue in New York City. Photo: Katherine Welles/Adobe Stock
JPMorgan Chase is the latest employer to face a class action lawsuit over misuse of 401(k) funds, alleging the company breached its fiduciary duty under the Employee Retirement Income Security Act by using retirement plan contributions forfeited by departing employees to “offset its employer contributions,” according to the class action complaint, Wright v. JPMorgan Chase & Co. et al.
Rather than using 401(k) forfeited funds to reduce plan administrative fees, JPMorgan mismanaged its employees’ retirement plan by using the funds “for its own benefit,” according to the complaint filed on Tuesday in the U.S. District Court for the Central District of California.
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