Bank of America Sued by 401(k) Participants over Misuse of 'Forfeited' Funds

BofA employees filed a lawsuit last week alleging that the company mismanaged its 401(k) plan by using assets forfeited by former workers for its own financial benefit.

By Lynn Cavanaugh | August 14, 2024 at 10:00 AM

Another employer has been hit with a fiduciary breach class action lawsuit, alleging misuse of 401(k) plan forfeitures: Bank of America was sued by participants last week for improperly benefitting from the 401(k) plan money forfeited by employees who left the company.

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Nordstrom Hit with ERISA Suit over Excessive 401(k) Fees, Misuse of Forfeited Funds

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