Iron Mountain Workers in Forfeiture Suit Decry 401(k) Settlement

A proposed $850,000 class settlement over Iron Mountain Inc.'s retirement plan fees is under fire from a group of workers who say the deal’s broad release agreement improperly blocks their separate lawsuit over 401(k) forfeitures.

A group of Iron Mountain 401(k) plan participants led by Arnulfo Melendez on Wednesday filed an objection to aspects of the settlement, saying its release agreement would extinguish their claims accusing the company of wrongly using forfeited 401(k) money for its own benefit. This claim was never raised or litigated in the case led by Rodney Barnett, and it shouldn’t be released in the Barnett ...