Here are some of the lawsuits that were filed in 2024:

Siemens, the global technology and manufacturing company, was accused of misuse of its forfeited retirement funds in its $8.9 billion 401(k) plan, in a class action lawsuit.
Bank of America was sued by 401(k) plan participants “wrongfully and consistently used forfeited non-invested plan assets for its own benefit, to reduce future employer contributions, rather than for the benefit of Plan participants," according to the lawsuit.
Wells Fargo was sued for violating ERISA and "wrongfully and consistently" misusing $2,020,000 in forfeited 401(k) plan assets for the company's own benefit instead of its participants.

Related: Trader Joe’s workers sue over ‘needlessly high’ 401(k) fees and misuse of forfeited funds

The HP lawsuit presented a novel question, Judge Freeman wrote in the order: “Whether and under what circumstances is a plan administrator’s decision to use ‘forfeited‘ employer contributions to a retirement plan to reduce employer contributions rather than to pay administrative costs a violation of the Employee Retirement Income Security Act?”

Instant Insights /

Tech giant HP gets 401(k) ‘misuse of forfeited funds’ lawsuit dismissed, again

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