HP World Headquarters.
In the past 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 (ERISA) lawsuit, stating that HP did not breach its fiduciary duties.
The lawsuit, filed by employee Paul Hutchins on behalf of HP employees, accuses HP of mishandling forfeitures—funds from employee accounts that are not fully vested when employees leave the company. 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.” The suit was refiled last year after being dismissed.
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