March 03, 2023
A 401(k) plan participant dropped his proposed class action in New York federal court against benefits administrator Transamerica, which had alleged it failed to protect workers' personal data in a cybersecurity breach that he claimed allowed hackers to steal his and others identities.
August 12, 2022
Benefits administration company Transamerica Corp. has asked a New York federal court to toss a proposed class action brought after a 2021 data breach, arguing that 401(k) recipients affected by the episode could not have been harmed by an "internal coding error."
July 22, 2022
Attempts to steal workers' personal information and even their retirement savings are on the rise, attorneys say, raising questions about plans' and third-party administrators' exposure for cybersecurity breaches under federal benefits law.