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Colgate-Palmolive Hit With Suit Over Stolen Retirement Funds

July 8, 2022, 6:53 PM

Colgate-Palmolive Co. is facing a suit in the Southern District of New York by a former employee who alleges a fraudster drained the entire contents of her company retirement plan.

Plaintiff Paula Disberry alleges that the company’s employee relations committee, as the plan administrator, and Alight Solutions LLC, which provided contract administration, record-keeping, and information management services to the plan, didn’t have reasonable procedures in place to avert the theft, and the procedures they had weren’t followed.

When a person claiming to be a plan participant changed their “phone number, email address, mailing address, and bank account information, and then ...