"Five former Dell employees are suing the tech giant, alleging it mismanaged its 401(k) retirement plan and cost workers hundreds of millions of dollars. The complaint, filed on January 28 in a federal court in Texas, alleges that Dell and its retirement plan managers held employees' money for several years in underperforming investment funds, even as better alternatives became available."
"The plaintiffs say those decisions violated the Employee Retirement Income Security Act (ERISA) and led to "massive underperformance" that "resulted in the loss of over $318 million of assets for the Plan and its participants." "The participants in the Plan suffered financial harm as a result of the Plan's imprudent investment options and the process Defendants used to monitor and retain the Subject Funds," the complaint states."
Five former Dell employees filed a federal lawsuit in Texas on January 28, claiming that Dell and its retirement plan managers held employees' money for years in underperforming investment funds despite available alternatives. The suit targets in-house options including Dell Pre-Mixed Portfolio Target Date Series and Dell Core Funds, alleging consistent underperformance versus comparable funds. Plaintiffs contend plan fiduciaries failed to monitor and replace these options, violated ERISA, and caused "massive underperformance" that resulted in more than $318 million in losses. Dell's 401(k) plan covered roughly 63,000 participants and held about $14.6 billion in 2024 assets.
Read at Business Insider
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