A class action lawsuit has been filed against the retail department store for allegedly misrepresenting employee 401k holders. The lawsuit was filed on behalf of participants and beneficiaries of Macy's 401k and May Department Stores' retirement plans. It seeks to recover losses for current and former employees who worked for Macy's between February 27, 2005 and October 4, 2007.
The lawsuit alleges that the defendants made material misrepresentations and omissions regarding the company's operations and performance and violated their fiduciary duties to plan participants by investing in and encouraging participants to invest in Macy's stock. Macy's stock was an investment option of the 401(k) plan, and the company's matching contributions were made in Macy's stock.
Macy's operates more than 850 department stores in 49 states, the District of Columbia, Guam and Puerto Rico.
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