Batten’s Claims on Plan Mismanagement
Batten’s August 2022 lawsuit centered on Ricoh’s fiduciary duties related to its retirement plan investment portfolio. He alleged the company retained low-yield guaranteed investment contracts (GICs) in the stable value fund instead of higher-return alternatives, which benefited insurance providers over plan participants.
Batten also claimed Ricoh improperly used forfeited funds — unvested amounts abandoned in the plan — to cover its own contribution obligations rather than reducing participant fees, violating the duty of prudence.
In a motion to dismiss, Ricoh argued Batten’s claims mirrored those in Kruchten’s lawsuit and contended the GIC comparisons and forfeiture allegations lacked merit under ERISA.
Legal Representation
The plaintiffs are represented by Mark K. Gyandoh, James A. Wells, Giulia T. Conboy, Donald R. Reavey, James A. Maro of Capozzi Adler PC, and Peter A. Muhic of Muhic Law LLC.
Ricoh USA is represented by Jeremy P. Blumenfeld, Keri L. Engelman, Matthew A. Russell, and Derek S. Franklin of Morgan Lewis & Bockius LLP.
Neither Ricoh nor the plaintiffs’ counsel provided comments Thursday.
