Snap-On Sued Over Management of $1 Billion Retirement Fund

A global tool manufacturer faces proposed class action claims that the company failed to properly maintain its 401(K) savings plan, ignoring allegedly low-performing investment options that should have been removed.

Snap-On Inc. allegedly continued to offer JPMorgan and T. Rowe Price funds as investment options despite long-term underperformance and excessive expenses, employee Leslie Moore said in a complaint filed Tuesday in the US District Court for the Eastern District of Pennsylvania. Moore filed the lawsuit under the Employee Retirement Income Security Act on behalf of a proposed class of people who have participated in the retirement plan since 2019.

Moore ...