Wal-Mart might have systematically reduced and manipulated employee work and time records to reduce amount Wal-Mart paid (calculated as a percentage of hours worked) for each employee in Wal-Mart's 401(K).
Investigation and pending class action lawsuit against Wal-Mart and other fiduciaries of the Wal-Mart Profit Sharing and 401(k) Plan .
The class action lawsuit alleges that Wal-Mart breached its fiduciary duties to Plan Participants. They did so in connection with Wal-Mart's underpayment of retirement benefits to hourly employees of Wal-Mart who participated in the Plan. The Plan provides that Wal-Mart contributes to the Plan each year a percentage of the annual "regular salary or wages" of Wal-Mart's employees.
Although Wal-Mart publicly proclaimed that it was contributing a specified percentage of employee wages to the Plan each year, in reality Wal-Mart underpaid its contributions to the Plan by wrongfully manipulating the underlying employee wages on which Wal-Mart based Plan contributions. Wal-Mart did so through a variety of illicit practices that involved deletion from employee payroll records of hundreds of thousands of hours of time worked.
The case is brought as a class action on behalf of all Plan participants and beneficiaries from February 1, 1997 through the present who received improperly reduced Plan contributions from the Wal-Mart.
Name (Stock Symbol)
Wal-Mart Stores Inc. (WMT)
Wal-Mart Stores, Inc. operates retail stores in various formats worldwide.
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