Kraft Foods 401(k) Plan Class Action Lawsuit Can Proceed In The District Court According to The Seventh Circuit Court Of Appeals.
A class action lawsuit filed against Kraft Foods Global, Inc. (“Kraft Foods” or “Kraft”) and other defendants (collectively “Defendants”) in the United States District Court for the Northern District of Illinois (styled Gerald George et al. v. Kraft Foods Global, Incorporated et al, Class Action Case No. 07 C 01713) on behalf of current and former employee-participants in the Kraft Foods 401(k) Plan alleging, among other things, that Defendants breached their fiduciary duties under the Employee Retirement Income Security Act of 1974 (“ERISA”) by imprudently allowing the Kraft 401(k) Plan to incur excessive expenses and generate insufficient returns by allegedly mismanaging Kraft company stock funds (“CSFs”) and paying excessive fees to various service providers, including a recordkeeper, Hewitt Associates (“Hewitt”) and a trustee, State Street Bank & Trust Company (“State Street”), can proceed in the district court, according to the Seventh Circuit Court of Appeals’ decision (Appeal No. 10-1469) in the Kraft Foods 401(k) Plan class action lawsuit.
If You Have Thoughts On The Kraft Foods 401(k) Plan Class Action Lawsuit, Share Your Class Action Comments Below.
I am an hourly SSR/full time merchandiser with Kraft Foods Global and I was informed by Kraft Human Resources that I am not eligible to receive 401K or any other type of pension plan. I know that Lowe’s home improvement centers offer a great 401K for even their part time employees. I love working for Kraft, but I don’t understand why I am not entitled to some type of 401K or pension plan, it seems unfair/unjust/discriminatory.
I am glad some one is looking out for the employees and former employees of kraft and other company employees that try to invest their hard earn money for retirement.I am a former kraft employee and they not only mess- up on my mutual funds but they fired me cause I told a kroger mgr that I couldn’t make his store at 9a.m. but a few minutes after 9a.m. that’s wrong and God doesn’t like companies being unfair and low-down to dedicated employees. Kraft board members lets get some executives in there with some integrety and sensitivity to the needs of the backbone workers of the company.that goes for other companies out there as well.sincerely ,Danny Williams