JPMorgan Decries ‘False Premise’ of 401(k) Plan Forfeiture Suit

JPMorgan Chase & Co. disputed allegations of mismanagement in its employees’ retirement plan, saying that a legal challenge to its handling of forfeited 401(k) money rests on a “false premise.”

The 401(k) plan requires that forfeitures be used to reduce the company’s future contributions or else pay for the company’s share of plan expenses, JPMorgan said Thursday in a motion seeking to have the proposed class action dismissed. JPMorgan “did exactly what the Plan terms require,” and the participant who filed suit never alleged that he was denied promised contributions or that he experienced any forfeitures himself, the company told ...