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Bed Bath & Beyond Bombshell – Ex-Employees Allege Millions Of Loss From 401(k) Fiasco Following Bankruptcy Shocker: Report

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Former workers ofย Mattress Bathtub & Past Inc.BBBYQ reportedly filed a lawsuit in opposition to the committee answerable for overseeing its 401(okay) retirement plan.ย 

The ex-employees declare a loss exceeding $5 million from their MassMutual โ€œassured funding account,โ€ which was believed to pose minimal danger, Reutersย reported.ย 

The MassMutual funding account suffered a ten% loss as a result of rising rates of interest harm the worth of its underlying investments, Reuters talked about.

Additionally Learn:ย Mattress Bathtub & Past Recordsdata For Chapter Safety

The employees allege that the Mattress Bathtub & Past committeeโ€™s lack of tactfulness led to their struggling hundreds of thousands of {dollars} in losses following the chapter of the house furnishings retailer.

The report added that the category motion proposal, introduced within the federal courtroom of Newark, New Jersey, stemmed from Mattress Bathtub & Pastโ€™s choice to terminate its 401(okay) plan on August 1, roughly three months after the corporateโ€™s submitting for Chapter 11 chapter safety.

Final month, a U.S. chapter chooseย reportedly authorisedย Overstock.Com, Inc.ย OSTK acquisition of the Mattress Bathtub & Past model identify, mental property, and ecommerce platform.ย 

Learn Extra:ย Overstockโ€™s $21.5M Bid For Mattress Bathtub & Past Property Receives US Decide Approval: Report

Value Motion:ย BBBYQ shares closed decrease by 15.75% to $0.16 on Thursday.

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