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Court dismisses a defendant in suit over Colgate-Palmolive retirement plan theft

Posted On: Dec. 28, 2022 9:33 AM CST

A New York judge denied two motions to dismiss fiduciary breach claims brought by a retired Colgate-Palmolive Co. executive against recordkeeper Alight Solutions and the Colgate-Palmolive employee relations committee – but granted a motion to dismiss the Bank of New York Mellon Corporation from the lawsuit, reports Plansponsor. The plaintiff alleges the defendants failed to prevent imposters from accessing and draining her entire account balance. BNY Mellon, which issued a check to the imposter, successfully argued that it was not acting as a fiduciary for the plan.