A retired Barnes & Thornburg LLP attorney sued the firm Wednesday, saying he lost out on more than $250,000 in tax savings because the firm and its service providers mishandled his retirement plan contributions.
The providers servicing the law firm’s retirement plan, defendants Newport Group Inc. and Charles Schwab & Co., made a “major mistake” when they incorrectly designated the lawyer’s pre-tax contributions as post-tax contributions, he said in the lawsuit. This mistake caused the lawyer to lose significant tax savings when he attempted to withdraw funds from his post-tax Roth account, according to a complaint filed in the US ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.