Legal Question in Employment Law in Texas

401k

Hello: The company that I worked for was purchased in an acquisition 2 years ago. The 401K plan was not part of the acquisition. The previous owners have neglected to terminate the plan. A third party is now involved. They have had trouble contacting the previous owners to sign various documents. There are several employees that had opted to cash out 2 years ago and have lost a substantial amount of money due to the economy. This was not an employer matched fund. These are strictly funds of the employees. The owners wife took her money out right before the sale of the company was finalized. She knew they were selling we did not. Do we have grounds for a civil suit against the previous owners for mismanagement of our funds? The employees come to me on a daily basis asking if I have heard anything about their money. There are a few that have retired. This is a very frustrating situation. We need help.


Asked on 4/14/09, 2:28 pm

3 Answers from Attorneys

Re: 401k

Possibly. If the funds were mismanaged, and they did not follow their own guidelines for fund management, they may have breached their fiduciary duty to the members. I would need to review all of the information before I could speak with you intelligently about the case.

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Answered on 4/14/09, 3:23 pm
Donald McLeaish McLeaish&Associates;, P.C.

Re: 401k

As members of the trial lawyers association..we may find a lawyer interested...give us more info

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Answered on 4/14/09, 3:56 pm
Donald McLeaish McLeaish&Associates;, P.C.

Re: 401k

As members of the trial lawyers association..we may find a lawyer interested...give us more info

Read more
Answered on 4/14/09, 3:56 pm


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