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Member, Beacon International Group, Ltd.
A federal district court chief judge has rejected fiduciary breach claims brought in February against Ricoh USA Inc. by 401(k) retirement plan participants under the Employee Retirement Income Security Act, reports Plansponsor. The plaintiffs’ complaint “fails to provide a reasonable inference that defendants breached their fiduciary duty to participants,” wrote Juan R. Sánchez, chief judge of the U.S. District Court in the Eastern District of Pennsylvania.