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Wal-Mart may have breached its fiduciary duties to retirment plan participants.
Investigation Source
- Nationwide
Investigation Scope
Category Information
Investigation Topics
- Investments
- Retirement Asset
- Investment Advisor Duties
Products or Services
- Retirement Plan
- 401(K)
Injury Type
- Monetary Loss
Investigation Details
This is an investigation and a pending class action lawsuit against Wal-Mart on behalf of all persons who were participants in or beneficiaries of the Wal-Mart Profit Sharing and 401(k) Plan (the "Plan"), between January 31, 2002 and the present.
The class action complaint alleges that during the Class Period the Wal-Mart breached their fiduciary duties to Plaintiff and the Class by:
(1) failing to prudently and loyally manage the Plan's assets;
(2) failing to monitor fiduciaries;
(3) failing to provide complete and accurate information to the Class; and
(4) engaging in prohibited transactions regarding revenue sharing and other kickback payments.
The class action complaint alleges that during the Class Period the Wal-Mart breached their fiduciary duties to Plaintiff and the Class by:
(1) failing to prudently and loyally manage the Plan's assets;
(2) failing to monitor fiduciaries;
(3) failing to provide complete and accurate information to the Class; and
(4) engaging in prohibited transactions regarding revenue sharing and other kickback payments.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| Wal-Mart Stores Inc. (WMT) | Wal-Mart Stores, Inc. operates retail stores in various formats worldwide. |