Practice Areas

401(k) Litigation

401k Litigation

Kai H. Richter


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Many employees have a substantial portion of their life savings locked up in their company’s 401(k) plan or other retirement plan. In order to protect current and former employees from mismanagement of their hard-earned savings, the Employee Retirement Income Security Act (“ERISA”) imposes certain duties – known as “fiduciary duties” – on company officials who are responsible for managing and administering retirement plans.

According to the Department of Labor1, these fiduciary duties include:

  • Acting solely in the interest of plan participants (known as the “duty of loyalty”);
  • Managing plan assets with skill, prudence, and diligence;
  • Diversifying plan investments;
  • Paying only reasonable expenses of administering the plan and investing its assets; and
  • Avoiding conflicts of interest.

Unfortunately, some companies breach their fiduciary duties and shortchange employees by:

  • Acting in their own self-interest by, for example, designing a menu of investment options that includes investments that are profitable to the company;
  • Hiring the corporation or its affiliates to perform services for the plan;
  • Charging excessive administrative fees;
  • Selecting improper investments that perform poorly or charge excessive fees; and
  • Failing to promptly remove improper investments from the plan’s menu of investment options.

If a company engages in any of these practices, federal law gives plan participants and their beneficiaries the right to recover their damages and obtain other relief pursuant to ERISA.

If believe that your company retirement plan has been mismanaged, our law firm may be able to help. We have a team of attorneys who are dedicated to representing current and former employees who have been wrongfully shortchanged due to excessive fees or imprudent investment options in their company retirement plan.

If you would like to learn more, please contact us.

You can also find out about our existing cases against the following companies by clicking on the links below:

Allianz Asset Management

American Airlines

American Century

BB&T Corporation 401(k) Savings Plan

Deutsche Bank Americas Holding Corp.


M&T Bank Corporation

New York Life Insurance Company

Putnam Investments, LLC

1 Department of Labor, What You Should Know About Your Retirement Plan (Aug. 2013)