HP World Headquarters.
In the last year, numerous class action 401(k) lawsuits have been filed by participants over misuse of forfeited assets from former employees, and tech giant HP Inc. has been one of them. However, a judge has, for the second time, dismissed the Employee Retirement Income Security Act lawsuit, stating that HP did not breach its fiduciary duties.
The lawsuit, Hutchins v. HP Inc. et al, challenged HP’s decision to use 401(k) “’forfeitures’ to reduce employer contributions rather than to pay administrative costs,” according to the suit. It was refiled last year after being dismissed.
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