Federal Contractor Misconduct Database (FCMD)
Ramsey et al. v. Philips North America (ERISA Lawsuit)
Philips North America paid $17 million to settle a lawsuit filed by participants in the company’s 401(k) plan who alleged the company breached its duties under Employee Retirement Income Security Act of 1974 (ERISA) by causing the plan to pay unreasonable investment management and administrative fees and selecting investments that performed poorly.
- Misconduct Type
- Enforcement Agency
- Contracting Party
- Court Type
- Date of Settlement