Gen Digital Ex-Workers Sue Over 401(k) Fees, Forfeiture Usage

Gen Digital Inc. is facing a new lawsuit by former employees who say their 401(k) plan is plagued by excessive administrative fees and improperly handled forfeitures.

Participants in the Gen Digital 401(k) plan paid annual recordkeeping fees as high as $144 per person when they should have been paying no more than $25 for these services, four former employees alleged in a proposed class complaint. The software company—formerly known as NortonLifeLock Inc. and Symantec Corp.—also improperly used the unvested 401(k) contributions forfeited by departing workers to reduce its own obligations to the plan, instead of using that money to ...