Faith Technologies is a large electrical contractor based in Menasha, Wisconsin. The company has been involved in a number of lawsuits in recent years, including a class-action lawsuit alleging that the company violated its fiduciary duty to employees by offering a retirement plan that charged exorbitant fees and consistently under-performed the market.
The lawsuit was filed in 2020 by a group of Faith Technologies employees who alleged that the company’s retirement plan charged excessive fees and that the investment options offered in the plan were not prudent. The employees also alleged that the company failed to adequately monitor the plan’s investment options.
Faith Technologies has denied the allegations in the lawsuit and has said that the company’s retirement plan is in the best interests of its employees. The lawsuit is still ongoing.
FAQs:
Q: What is Faith Technologies being sued for?
A: Faith Technologies is being sued for allegedly violating its fiduciary duty to employees by offering a retirement plan that charged exorbitant fees and consistently under-performed the market.
Q: What is a fiduciary duty?
A: A fiduciary duty is a legal obligation to act in the best interests of another person. In the context of retirement plans, employers have a fiduciary duty to their employees to select and monitor the investment options offered in the plan and to ensure that the plan fees are reasonable.
Q: What are the potential consequences of a successful lawsuit against Faith Technologies?
A: If the lawsuit is successful, Faith Technologies may be ordered to pay damages to the employees who were harmed by the company’s alleged misconduct. The company may also be ordered to make changes to its retirement plan to ensure that it is in the best interests of its employees.
Q: Who is eligible to participate in the Faith Technologies retirement plan lawsuit?
A: All current and former Faith Technologies employees who participated in the company’s retirement plan during the relevant time period may be eligible to participate in the lawsuit.
Q: What should I do if I think I am eligible to participate in the Faith Technologies retirement plan lawsuit?
A: If you think you are eligible to participate in the lawsuit, you should contact an attorney who specializes in employment law.
Q: When will the Faith Technologies retirement plan lawsuit be resolved?
A: It is difficult to say when the lawsuit will be resolved. Lawsuits can take months or even years to resolve.
Conclusion
The Faith Technologies retirement plan lawsuit is a complex case that is still ongoing. It is important to note that the company has denied the allegations in the lawsuit and that the outcome of the case is uncertain. However, the lawsuit is a reminder of the importance of employers acting in the best interests of their employees when it comes to retirement plans.
If you are a current or former Faith Technologies employee and you have questions about the lawsuit, you should contact an attorney who specializes in employment law.
References:
- A would-be class-action lawsuit accuses Faith Technologies of Menasha of violating its fiduciary duty to employees by offering a retirement plan that charges exorbitant fees and consistently under-performs the market.: https://dailyreporter.com/2020/10/06/lawsuit-accuses-faith-technologies-of-offering-abusive-retirement-plan/
- ERISA case against Faith Technologies dismissed: https://www.pionline.com/courts/erisa-case-against-faith-technologies-dismissed
Sources
- dailyreporter.com/2020/10/06/lawsuit-accuses-faith-technologies-of-offering-abusive-retirement-plan/