Home Depot Inc. employees dropped a class-action lawsuit challenging the fees and investment options within the company's 401(k) plan. The withdrawal occurred just days before the U.S. Supreme Court was scheduled to decide whether to review the case.
The suit alleged a breach of fiduciary duty. The core legal issue centered on a circuit court split under the Employee Retirement Income Security Act (ERISA).
A lower appellate court previously sided with Home Depot. That court ruled that the plaintiffs carried the burden of proving an alleged breach directly caused the plan to suffer losses.
The voluntary dismissal now ends the matter, removing a legal overhang for the company.