December 1 2005
Nearly 150,000 current and former Kmart employees suffered a combined loss of $100 million in their 401(k) plans when the retail chain store went bankrupt in 2002. The class includes all participants and beneficiaries of the plan from March 15, 1999, through March 6, 2003. They filed a class action lawsuit against their employer alleging Kmart forced workers to maintain the company match portion of their 401(k) in Kmart stock until they reached age 55. Kmart has agreed to an $11.75 million settlement. (Nov-30-05)
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