Honeywell Seeks Win Over Challenge to 401(k) Plan Forfeiture Use

Honeywell International Inc. asked a federal court to dismiss litigation over how it handles forfeited money in its 401(k) plan, saying the proposed class action seeks to upend more than 50 years of settled law and regulatory guidance.

The lawsuit by Luciano Barragan is an attempt to force the company “to pay even more toward his retirement savings than he was promised under the terms of the Honeywell 401(k) Plan,” the aerospace technology and manufacturing company said in a motion to dismiss filed Tuesday in the US District Court for the District of New Jersey.

The lawsuit, which concedes that ...