Home Depot Faces $140M Suit Over 401(k) Mismanagement

Law360 (April 12, 2018, 6:03 PM EDT) -- Home Depot employees hit the retailer with a $140 million proposed class action in Georgia federal court Thursday alleging the company's 401(k) plan mismanagement was so severe they would have to work 18 years past the retirement age to recoup all the money lost to fees and bad investments.

The complaint accused Home Depot Inc. of using advisers that gobbled up 1.5 percent of workers' investments each year, including a robo-adviser that charged 400 percent to 700 percent more than similar products while allegedly running a kickback scheme. The workers also say Home Depot chose funds whose "abysmal" performance should have...

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