Ricoh 401(k) Plan Draws Suit Over Forfeitures, Stable Value Fund

Ricoh USA Inc. mismanaged its $2 billion retirement plan by offering a poorly performing stable value fund that lagged competitors while carrying additional risk, a former employee alleged in a proposed class complaint.

The lawsuit, which seeks to represent a class of more than 14,000 people, centers on a stable value fund that held more than $200 million of the Ricoh plan’s assets. This fund, which is designed to provide a modest, guaranteed rate of return and protect against losses, invested in contracts from Prudential Financial Inc., which plaintiff Cleo Batten describes as inappropriately risky because of its “extreme ...