Ferguson Avoids 401(k) Forfeiture Allegations in Plan Fee Suit

Employees suing Ferguson Enterprises LLC over its retirement plan fees and investment options lost their bid to assert additional claims over the plumbing supplies distributor’s handling of plan forfeitures.

The employees’ forfeiture allegations, which accuse Ferguson of wrongly using forfeited 401(k) money for its own benefit, were added to an amended complaint without permission from the company or the court, Judge Araceli Martínez-Olguín said Thursday for the US District Court for the Northern District of California. These allegations also lack the type of details that would support a viable fiduciary breach claim under the Employee Retirement Income Security Act, the ...