Bed Bath & Beyond Employees Sue Over 401(k) Plan Losses
September 18, 2023
Former employees of Bed Bath & Beyond have filed a proposed class-action lawsuit against the committee overseeing the company’s 401(k) retirement plan, alleging that its “imprudence” led to millions of dollars in losses after the retailer filed for bankruptcy. The suit, filed in Newark, New Jersey, claims that employees lost over $5 million when their MassMutual “guaranteed investment account” experienced a 10% loss due to rising interest rates. The plaintiffs argue that the 401(k) committee failed in its fiduciary duties by not replacing the account with lower-risk options after the bankruptcy filing.
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