September 08, 2026
A Massachusetts federal judge opened discovery on allegations that Philips North America mismanaged its $5.7 billion employee 401(k) plan by offering an underperforming stable value fund and by misallocating forfeitures, ruling workers sufficiently backed up claims that the health technology and lighting giant violated federal benefits law.
July 17, 2025
Health technology company Philips North America cost workers millions by retaining a stable value investment fund in its $5 billion retirement plan that produced dismal returns for workers and by mismanaging forfeited funds, three workers told a Massachusetts federal court.