Complaint alleges firm should have used forfeited funds to reduce administration expenses of workers
Icon was founded in Dublin in 1990 by John Climax and Ronan Lambe
Icon PLC, one of Ireland’s largest listed companies, has been accused of using millions of dollars’ worth of forfeited assets from former staff to reduce the costs of its own contributions to a US retirement plan – instead of using the money to reduce workers’ administrative expenses.
The court complaint against Nasdaq-listed Icon is the latest in a series of similar cases in which large employers in the US have been accused of using these forfeited assets to their own benefit, rather than to the benefit of those in their retirement plans.
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