Since 2007, 13 pending or settled cases have accused some companies of failing to act in the best interests of employees participating in the companies’ 401(k) retirement plans. The lawsuits allege that certain companies have mismanaged employee retirement funds by placing them in low-yielding money market funds and allegedly charging excessive fees associated with the account. Affected parties are seeking compensation for loss of income due to the mishandling of their retirement accounts with the assistance of a 401(k) attorney.
If you have suffered a financial loss due to the mismanagement of your 401(k) retirement account, contact the American Injury Group today to learn more about your options. We can evaluate your case at no charge and connect you with an affiliated 401(k) attorney who can assist you throughout the legal process.
Important: The time you have to pursue a claim is limited. Contact us for more information.
Lawsuit: Companies Put Their Profits Ahead Of Their Employees
According to ebn.benefitnews.com, one lawsuit, filed in February 2015 against AEGON USA, alleged that the global financial services organization forced employee retirement savings accounts into high-priced AEGON investments and retirement programs, while allegedly charging “unnecessary and exorbitant” fees. The lawsuit claims the company violated pension law by putting profits ahead of the best interests of their employees and in doing so has taken millions of dollars in excessive fees.
This filing occurred around the same period that Lockheed Martin agreed to a $62 million settlement, the largest of its kind against a single company, for allegedly mismanaging its employees’ retirement accounts. The company, which manages the fifth largest 401(k) plan in the U.S., was accused of placing employee retirement funds in low-yielding money-market funds and allegedly charging excessive record-keeping fees, the website reported.
Also in 2015, aerospace manufacturing giant Boeing agreed to a pay $57 million to settle a long-running lawsuit accusing the company of allegedly mishandling its 401(k) plan to the detriment of its employees. Filed on behalf of 190,000 Boeing employees and retirees, the class-action lawsuit accused Boeing of failing to uphold its fiduciary duties to employees by allegedly allowing excessive 401(k) fees to go unchecked, choosing higher-cost retail mutual funds over cheaper options, and improperly making 401(k) plan decisions to benefit vendors receiving other Boeing business.
Affected Parties May Be Entitled to Compensation
When companies mismanage employees’ retirement accounts, the retirement income of many people maybe affected. The law may provide a remedy through 401(k) mismanagement lawsuits.
Affected parties are encouraged to speak with a 401(k) attorney to learn more about their rights and remedies.
Contact Us For More Information
If you would like more information about 401(k) mismanagement lawsuits, contact Attorney Group for more information. You can fill out the form on this page, call us at the number listed at the top of the page, or email us at [email protected].
When you contact us, an attorney will follow up with you to speak with you about your case or answer questions that you might have. There is no cost or obligation to speak with us, and any information you provide will be kept confidential.
Please note that the law limits the time you have to pursue a claim or file a lawsuit for an injury. If you think you have a case, you should not delay taking action.
See our Frequently Asked Questions page for more information, and contact Attorney Group today.