Two former employees filed a proposed class action accusing Ramboll Ltd. and Ramboll US Consulting Inc. of mismanaging their 401(k) plan by offering a poorly performing stable value fund.
The lawsuit says the engineering and consulting firm’s 401(k) plan, which held nearly $660 million as of 2024, included a stable value fund from Empower Annuity Insurance Co., which isn’t named as a defendant. This fund performed significantly worse than similar investments while allowing Empower to earn “windfall” profits, and Ramboll should have taken steps to swap it for a better option, the employees said in a complaint docketed Monday in ...