Intuit Settles 401(k) Plan Forfeiture Suit for Almost $2 Million

Intuit Inc. signed a class settlement worth nearly $2 million in a lawsuit saying it wrongly uses forfeited money in its employees’ 401(k) plan for its own benefit.

The settlement amount of $1.995 million represents about 63% of the 401(k) administrative expenses that Intuit workers say could have been paid with forfeitures, and it represents about 13% of the total potential damages alleged by the lawsuit, according to a motion for preliminary settlement approval filed Friday in the US District Court for the Northern District of California.

More than 32,000 people covered by the Intuit plan between January 2018 and ...