JPMorgan Draws Labor Department Backing Over 401(k) Forfeitures

The US Labor Department doubled down on its support for employers facing litigation over how they use 401(k) forfeitures, filing an amicus brief supporting JPMorgan Chase & Co. in the Ninth Circuit Thursday.

The brief marks the second time the DOL has backed an employer defending its use of 401(k) forfeitures, and it continues the Trump administration’s pro-employer push in litigation involving the Employee Retirement Income Security Act.

The proposed class action against JPMorgan, which was dismissed at the district court level, is one of dozens of recent lawsuits claiming employers mismanage their 401(k) plans when they use the contributions ...