Caterpillar Facing Lawsuit Over 401K

Caterpillar Facing Lawsuit Over 401K

There are 12 comments on the WMBD-TV Peoria story from Sep 27, 2006, titled Caterpillar Facing Lawsuit Over 401K. In it, WMBD-TV Peoria reports that:

Caterpillar is being sued for allegedly allowing its employess to be overcharged on their 401K plans.

Join the discussion below, or Read more at WMBD-TV Peoria.

Don Fites

Louisville, KY

#1 Oct 2, 2006
That company stole my money, and now I am living in poverty. Down with Cat.
UAW member

Alpena, AR

#2 Nov 26, 2006
The former nasty CEO of Cat deserves EVERYTHING he gets. What a man he was, sold his former employees down the tubes for his own capital gain. So Go Cat, sock it to him.
bestreadymixdriv erinfl

Summerfield, FL

#3 Mar 20, 2007
Not the same company my old man spent 30+ years at. I worked there 2 outta four years,on strike or laid-off the other two. Lost my recall rights. They really ruined my life.
Crooks of corperate america always get off easy. The Bastids!!

Collierville, TN

#4 Nov 26, 2007
I have to agree with the posts here, reguarding CAT!! Nothing but a den of putrid thieves,
who'll stop at nothin' 4 that almighty dollar!!
Dammm shame watching corporations like CAT, getting by with totally disreguarding the employees rights and those of the retirees and widows [survivors]...A man gives his entire adult life to the almighty CAT...and they stab him in the back. I have no use for that kind, and at best we can only hope that one day the whole damn bunch will have to face a court that
can't be bought or a higher power. just venting the truth !!

Collierville, TN

#5 Nov 26, 2007
Don Fites wrote:
That company stole my money, and now I am living in poverty. Down with Cat.
I just wanted to say..I really genuinely do feel for you..hope it gets better for you.. They did the same thing to my husband before he passed away...Class

Chicago, IL

#6 Feb 10, 2008
Just wondering if anyone else faced this problem>  Took out a 401k loan in 2003 and got a notice that from Cat that because my first repayment started 1 week late due to payroll that I defaulted on my loan and IRS told Cat that it would have to be an early distrib.Said they sent letter but never rec'd letter--not sent registered mail.  To top it off, they say I have to repay the outstanding balance but they quit taking out payments/it must be one lump sum w/int or they will take the amt out when I retire in a few years. 
Fmr Catman

Minneapolis, MN

#7 Feb 29, 2008 do have to follow the rules...and don't procrastinate until the last minute!

Sanford, NC

#8 Mar 16, 2008
can anyone tell me what is really going on, i work for a Cat company and have not been paying attenion that these things

Sanford, NC

#9 Mar 16, 2008
Don Fites wrote:
That company stole my money, and now I am living in poverty. Down with Cat.
what happened
Ex Cat indirect

Sumter, SC

#10 Feb 5, 2009
I know what ya mean about the crooks, I worked for cat for 2 1/2 years in South Carolina...Did anything that was asked worked as many hours as needed and they put a plant manager in that thought he could cuss people like dogs and treat them like crap...I got fired because the second time he cussed and I aint talking just dam or other calm words it was mf this and f that and yelling I told him to talk to me like a man or I would take his head off(shoulda done it)...also in front of quite a few people, and he did it to several people....This man is now over 5 plants so that tells ya about cats ethics or severe lack there of..
I hope cat does a nose dive and am glad to see the stocks going down..I hate for yall that got money in them 401ks...But I cant stand yellow and I sure hate a cat now
radical retiree

Philadelphia, PA

#11 Feb 27, 2009
what's with northern trust? my cat retirement is coming from cat thru this place and they recently had a wild expensive party and still borrowed 1 billion of tarp money. ALSO, cat seems to be shoveling their 401k access farther away and making it more difficult to monitor for a lot of us that do watch the markets and their 401k's. accessing our 401k is imperative. hewitt's site is a joke. YO CAT; someone is using a "think tank" that is alienating the people who made IT what IT is. remember us?
ex cat now pipeliner

Blue Island, IL

#12 Jun 28, 2010
i too was always treated like used dog food. i had ten years of there crap got some retirement some 401k. then moved to greener pastures. cat is just another big corporation any supervisor who says different lies. good luck to those who have no choice but to stay i wish uwell.

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