Siemens Cleared of Alleged 401(k) Forfeiture Fund Misuse (1)

Siemens Corp. escaped claims that it misused its 401(k) forfeitures to benefit itself instead of workers, in violation of federal employee benefits law.

The plan participant failed to state claims that Siemens engaged in self-dealing and that the company breached its fiduciary duty under the Employee Retirement Income Security Act, said Judge Claire C. Cecchi of the US District Court for the District of New Jersey Thursday.

Cecchi dismissed without prejudice the case brought by a worker on behalf of a proposed class of more than 30,000 people.

Although there have been numerous prospective class actions filed in the last ...