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Lowe’s Must Face Would-Be Class Suit Over $1 Billion 401(k) Move

Sept. 6, 2019, 6:09 PM

Lowe’s Companies Inc. failed to convince the Western District of North Carolina to dismiss a lawsuit challenging the company’s decision to move more than $1 billion in 401(k) assets to an underperforming Aon Hewitt fund with little track record.

The proposed class of Lowe’s plan participants, led by Benjamin Reetz, can move forward with claims that the company acted imprudently and disloyally in violation of its fiduciary duties under the Employee Retirement Income Security Act, Judge Kenneth D. Bell of the U.S. District Court for the Western District of North Carolina held Sept. 6. Bell allowed all claims to advance ...

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