Bank of America Sued Over Forfeited 401(k) Plan Funds

Motion to Dismiss Filed in Intuit Lawsuit

A former Intuit Inc. employee's proposed class action has been met with a motion to dismiss, just two weeks after the suit was filed.

401(k) Forfeiture Issue Impacts Employers

Employers face challenges in reallocating 401(k) assets forfeited by former employees.

Bank of America Accused of Misuse of Funds

Bank of America Corp. is facing a class action lawsuit alleging that it improperly used forfeited plan funds.

Key Facts:

• The class action was filed on August 9, 2023.
• The lawsuit alleges that Bank of America violated ERISA.
• The motion to dismiss argues that the claims are not supported by the facts.
• The outcome of the lawsuit could have implications for employers and financial institutions.

Additional Resources:

• Department of Labor: 401(k) Plan Forfeitures
• IRS: Retirement Plans FAQs Regarding Forfeitures
• Bank of America: 401(k) Plans