company Tuesday, charging that it used its 401(k)-retirement plan to boost profits rather than for the exclusive benefit of its employees.

First Union makes its employees invest their 401(k) money only in its own "mediocre" funds, according to a statement from Sprenger & Lang, the Washington law firm representing the workers.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.