Schlichter Bogard Files Lawsuit on Behalf of Plan Participants in Charter’s $7.9 Billion 401(k) Plan
As reported by Law360, Schlichter Bogard has filed suit against Charter on behalf of participants in Charter’s 401(k) plan. The proposed class encompasses nearly 100,000 people.
The complaint alleges that the defendants violated the Employee Retirement Income Security Act (ERISA) by, among other things, improperly using unvested former-employee funds to cover the defendants’ matching-contribution obligations, rather than using those funds to cover the plan’s administrative expenses. As alleged in the complaint, this ultimately resulted in millions of dollars in losses to plan participants in excessive administrative fees.
For more information about Schlichter Bogard’s retirement practice, please contact us at 800-USE-LAWS (873-5297) or via email at contact@uselaws.com.
