""This one was pretty easy to deconstruct," he said. "The law is clear. By the 15th day of the following month, those funds need to be in the 401(k) plan. We looked to see if there was something we were missing. We couldn't find anything, exhausted our due diligence, and filed the claim.""
""The Husch Blackwell defendants' breaches of fiduciary duty arise from a deliberate scheme to use their employees' retirement plan contributions for the firm's own benefit.""
""routinely withheld funds from employee paychecks for the purpose of contributing those funds to employees' accounts in the plan,""
Husch Blackwell is the target of a purported class action alleging improper handling of employee retirement contributions. The complaint alleges the firm routinely withheld funds from employee paychecks intended for the retirement plan but delayed depositing some amounts, placing money into a general account used for firm operating expenses for months at a time. The pleading alleges breaches of fiduciary duty and claims a deliberate scheme to use employees' retirement contributions for the firm's benefit. The named plaintiff is former Husch attorney Tyler Paetkau, seeking to represent roughly 400 plan participants with claims dating back to September 16, 2019. Plaintiff counsel reports financial analysis and due diligence supported filing the ERISA claim.
Read at Above the Law
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