Workers say Capital One mismanaged $8 billion pension plan

By Patrick Hoff (August 2, 2022, 4:46 p.m. EDT) — Capital One is facing a proposed class action lawsuit in federal court in Virginia, alleging it violated federal employee benefits law by retaining underperforming BlackRock funds in its $7.85 billion 401(k) plan and cost employees millions of dollars in retirement savings.

Andre Hall, a former Capital One employee, and Jermaine Minitee, who currently works for the company, said Monday that Capital One Financial Corp. failed to adequately oversee a series of target date funds that had performed worse than comparable funds, violating its fiduciary duty under the Employees Retirement Income Security Act.

“As is currently the fashion, the defendants seem to have chased the low charges…

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