Transamerica sued by 401(k) participant over data breach

Emile Hallez reports:

A breach of 401(k) participant data earlier this year prompted a class action lawsuit this month against Transamerica Retirement Solutions.

In June, the company became aware of a change within one of its websites that let employer customers view compromising data about participants in other retirement plans, according to a notice posted by the State of California. That data included Social Security numbers, birth dates and other personally identifying information.

The data was only viewable by plan administrators who had permission to access the site, the company stated in the disclosure sent in August to 401(k) participants.

Hallez notes how this case is different than other recent lawsuits involving retirement plans. Transamerica issued a statement that the claims are inaccurate and misleading.

Read more at Investment NewsNAPA also has coverage of this lawsuit and the claims.

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