Schlichter Bogard & Denton Sues Takeda on Behalf of Participants in its $1.8 Billion 401(k) Plan
Schlichter Bogard & Denton has filed suit against Takeda Pharmaceuticals USA Inc., a Japanese multinational pharmaceutical company headquartered in Massachusetts, on behalf of participants in the $1.8 billion Takeda Pharmaceuticals USA Inc. 401(k) plan.
The lawsuit alleges, among other things, that the Defendants failed to uphold their fiduciary duty under ERISA by retaining underperforming funds in the plan lineup years after they proved unviable, causing employees to incur millions in losses.
“By failing to act as a prudent and diligent investment professional, defendants caused plan participants to lose substantial retirement assets,” Former Takeda employees told Law360.
We are proud to be pioneers in 401(k) and 403(b) litigation. Read about several other high-impact cases handled by Schlichter Bogard & Denton here.