(Photo: Diego M. Radzinschi/ALM)

Engineering and construction firm Bechtel was sued last week by a former employee who says the company mismanaged its $5.1 billion retirement plan by defaulting workers into a pricey Empower managed account service that offered them little value, in an Employee Retirement Income Security Act (ERISA) lawsuit.

Plaintiff Debra Hanigan, who filed a class-action lawsuit on behalf of all employees in the U.S. District Court for the Eastern District of Virginia, is seeking "all profits which participants would have made if the defendants had fulfilled their fiduciary obligations."

Continue Reading for Free

Register and gain access to:

  • Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
  • Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.