QVC Ends 401(k) Loan Investigation

QVC officials have completed their investigation into alleged employee misconduct in taking 401(k) loans, but declined to say if they found any fraud or if any workers had been terminated, the Rocky Mount Telegram reported.

“Out of continued respect for all of our employees, the specifics and results of the investigation and the individual meetings with employees will remain personal and confidential,” Tara Hunter, a spokeswoman for QVC said in a written statement, according to the news report.

The Telegram said some employees indicated QVC officials had yet to contact them about the status of their jobs.

More than 200 workers were turned away from the Edgecombe County plant on August 5 and given letters instructing them to schedule a meeting with a company loss prevention specialist and HR representative to prove their loans, already paid by Fidelity Investments, were legitimate (see “QVC Loan Probe Continues”). The company said employees returning to work would receive back pay.

Workers indicated they had been forced to tap into their retirement plans because the company has imposed a salary freeze, cut back on overtime and hours, and started paying employees biweekly, instead of weekly.