Tenneco 401(k) Fee Suit Resets to Include Forfeiture Allegations

Tenneco Inc. workers challenging their 401(k) fees and investment options can amend their complaint to add new claims involving plan forfeitures, but a federal judge blocked other proposed additions as futile.

Judge Judith E. Levy allowed the workers to file a new complaint arguing that Tenneco violated the Employee Retirement Income Security Act by putting millions of dollars in forfeited 401(k) money toward the contributions it was required to make to the plan, instead of using that money to reduce the administrative expenses charged to workers. Similar allegations were recently found viable in a lawsuit involving Clorox Co.'s 401(k) plan, ...