Allegation
Institution Type
When employees leave RBC before becoming fully vested in certain employer contributions, the unvested amounts may be forfeited. RBC’s publicly filed retirement plan documents show that forfeited amounts may be used for several purposes, including reducing matching contributions that RBC otherwise would make to the Plan. We are investigating whether RBC’s administration and use of these forfeited plan assets complied with its fiduciary duties under ERISA.
If you or your spouse are current or former employees of Royal Bank of Canada and participate in an RBC 401(k) or other defined-contribution retirement plan, we would like to hear from you.
There is no cost or obligation to submit information. The information you provide will help us evaluate whether you may have a claim.
Our law firm is investigating the administration of the Royal Bank of Canada U.S.A Retirement and Savings Plan, including RBC’s use of forfeited employer contributions caused participants to pay administrative expenses that could have been paid with plan forfeitures. These actions may not have complied with RBC’s duties to retirement plan participants under Employee Retirement Income Security Act (“ERISA”).
Royal Bank of Canada (RBC) is a major Canadian financial services company providing banking, wealth management, capital markets, and other financial services. RBC serves individual, business, and institutional clients across Canada, the United States, and other international markets. The company also sponsors retirement and savings plans for eligible employees. This investigation concerns the administration of RBC’s U.S. retirement and savings plan.
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