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Update:
- A federal judge in Virginia dismissed a class action lawsuit accusing Capital One of financially harming its 401(k) retirement members by allegedly keeping poor investments in the plan.
- Plan holders argued they lost millions of dollars due to Capital One’s alleged mismanagement.
- The judge gave the two plan holders behind the class action lawsuit 14 days to amend the complaint brought under the Employee Retirement Income Security Act.
- Defendants in the proposed class action lawsuit include Capital One, its retirement plan’s benefits committee and the bank’s board of trustees.
Capital One retirement plan class action lawsuit overview:
- Who: Andre Hall and Jermaine Minitee filed a class action lawsuit on behalf of the Capital One Financial Corporation savings plan against the Capital One Financial Corporation, its board of trustees and its benefits committee.
- Why: Hall and Minitee claim Capital One mismanaged its retirement savings plan for employees, costing its members millions of dollars.
- Where: The class action lawsuit was filed in Virginia federal court.
(Aug. 03, 2022)
Capital One mismanaged its retirement savings plan by selecting, retaining, and otherwise ratifying poorly-performing investments for its members, a new class action lawsuit alleges.
Plaintiffs Andre Hall and Jermaine Minitee claim Capital One—along with its board of trustees and benefits committee—could have but failed to offer “more prudent alternative investments” they argue were “readily available.”
“Since Defendants have discretion to select the investments made available to participants, Defendants’ breaches are the direct cause of the losses alleged herein,” states the Capital One class action.
Hall and Minitee, former and current Capital One workers, respectively, claim Capital One cost its employees millions of dollars in retirement savings by choosing to keep poorly-performing funds from BlackRock in the company’s 401k retirement plan.
Capital One accused of failing to adequately monitor target date funds
Capital One, Hall and Minitee argue, failed to adequately monitor target date funds which were doing worse than, other, comparable funds—allegedly violating their fiduciary duty as set forth by the Employee Retirement Income Security Act (ERISA).
Hall and Minitee want to represent a nationwide Class of any individual who has been a participant or beneficiary of the Capital One Financial Corporation Savings Plan at any time since Aug. 1, 2016.
Plaintiffs are demanding a jury trial and requesting declaratory and injunctive relief along with equitable, legal, or remedial relief and/or restitution and/or damages for themselves and all Class Members.
A former Amazon employee was found guilty last month of being responsible for a 2019 data breach against Capital One which exposed the personal information of 100 million of its customers.
Have you been a participant or beneficiary of Capital One’s Financial Corporation Savings Plan? Let us know in the comments!
The plaintiffs are represented by Glenn E. Chappell of Tycko & Zavareei LLP, and James E. Miller, Laurie Rubinow, James C. Shah, Alec J. Berin, and Kolin C. Tang of Miller Shah LLP.
The Capital One Retirement Plan Class Action Lawsuit is Hall, et al. v. Capital One Financial Corporation, et al., Case No. 1:22-cv-00857, in the U.S. District Court for the Eastern District of Virginia.
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3 thoughts onCapital One escapes employee 401(k) fee lawsuit
I feel that my best interests are not being addressed. I’ve called Fidelity several times and told them I cannot keep losing money. I’m over 71 and they have not done anything to address my concerns!
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