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Lowe’s 401(k) Participants Object to ‘Eleventh-Hour’ Witnesses

Dec. 9, 2020, 5:59 PM

A class of 250,000 investors in Lowe’s Cos. Inc. 401(k) plan are calling foul on the retailer’s attempt to name new witnesses in their pending case, asking a North Carolina federal judge to strike the company’s “breathtaking,” “eleventh-hour” disclosures.

The 401(k) plan participants, who are challenging the company’s decision to move more than $1 billion in plan assets to an underperforming Aon Hewitt fund, on Tuesday asked Judge Kenneth D. Bell to exclude testimony from nearly three dozen newly identified witnesses. They include current and former Lowe’s employees and individuals from Aon and other players in the 401(k) industry.

The ...

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