Workplace retirement plans are facing a growing wave of class action lawsuits under the Employee Retirement Income Security Act (ERISA), pushing employers to evaluate the policies that dictate how 401(k)s are administered, according to a new report from law firm Duane Morris.
“If you look at the last three years compared to the 30 years beforehand, the amount of money that corporations have paid to settle class action lawsuits has exploded,” said Gerald Maatman Jr., co-author of the report and chair of the firm’s class action defense practice team.
