Alight, BNY Mellon Claim No Fault in 401(k) Cyber Theft Lawsuit

Alight Solutions LLC and Bank of New York Mellon Corp. are seeking to toss the federal lawsuit a former Colgate-Palmolive Co. employee brought against them earlier this year after a cyber thief drained her retirement account.

Both retirement plan service providers and the Colgate-Palmolive 401(k) plan committee filed separate motions to dismiss Thursday in the U.S. District Court for the Southern District of New York. Alight, the plan’s recordkeeping platform, and BNY Mellon, the plan trustee, claim they aren’t fiduciaries to the Colgate-Palmolive plan and can’t be held liable for damages.

The litigation has gained attention among benefits attorneys and ...