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Bessemer Profit Sharing Plan Self-Dealing Complaint

January 26, 2022

The complaint for this class action alleges that Bessemer Trust Company and its Profit Sharing Plan Committee have breached their duties of prudence and loyalty and have not managed the company’s profit sharing plan in the best interests of the participants. Instead, the complaint alleges, they have engaged in self-dealing, “using the Plan as an opportunity to promote Bessemer Trust’s Old Westbury mutual fund business and maximize profits in lieu of participants’ best interests.” The complaint brings suit under the Employee Retirement Income Security Act (ERISA).

Case Event File: Bessemer Profit Sharing Plan Self-Dealing Complaint

Related to: Bessemer Profit Sharing Plan Self-Dealing Class Action