AutoZone Can't Put $60M ERISA Suit In Rear View Mirror
By Danielle Nichole Smith (September 18, 2020, 6:17 PM EDT) -- A Tennessee federal judge refused Friday to let AutoZone Inc. off the hook in an ERISA suit claiming it wasted $60 million of its workers' retirement savings, finding the proposed class adequately alleged the company let the plan's recordkeeper benefit at their expense.
In his order, U.S. District Judge Mark S. Norris denied AutoZone's bid to toss the Employee Retirement Income Security Act case from workers who accused the company in November of breaching its fiduciary duties to its 401(k) plan participants in a number of ways.
The judge held that the workers' claims regarding GoalMaker, an asset allocation service offered...
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