Federal Contractor Misconduct Database (FCMD)
Glasscock v. Serco (ERISA Class Action)
Serco paid $1.2 million to settle a class action lawsuit filed on behalf of roughly 30,000 current and former employees. The class claimed that Serco breached fiduciary duties under the Employee Retirement Income Security Act (ERISA) in its management of the company’s 401(k) retirement plan by failing to select prudent investment options, failing to monitor the investments in a prudent manner, and causing the plan to pay excessive amounts in management and administrative fees.
- Misconduct Type
- Enforcement Agency
- Contracting Party
- Court Type
- Date of Settlement