BofA employees filed a lawsuit last week alleging that the company mismanaged its 401(k) plan by using assets forfeited by former workers for its own financial benefit.
About 300,000 employees sued FBG for mismanaging their benefit plans by collecting "ill-gotten profits" from their retirement, health, and fringe-benefits plans.
Retirees claim that AT&T selected a "risky" insurer to conduct the $8.05 billion transfer of plan assets, but the company claims it is not responsible for a decision made by its independent fiduciary.