HP Workers Seek 9th Cir. Win in First 401(k) Forfeiture Appeal

HP Inc. employees challenging how the company handles forfeited money in their 401(k) plan called on the Ninth Circuit to revive their proposed class action, saying the company’s fiduciary obligations are “obvious.”

The workers’ Thursday brief is the opening salvo in an appeal that has the potential to affect dozens of pending lawsuits raising the same novel legal theory under the Employee Retirement Income Security Act. Similar disputes involving the retirement plans of Clorox Co., Mattel Inc., and Qualcomm Inc., have been put on hold until the HP workers’ appeal is resolved.

The US Court of Appeals ...