LAWSUITS NEWS & LEGAL INFORMATIONHome Page >> Employee Stock Options >> Articles
Employee Stock Option Articles
Hacks, Embezzlements, and 401(k) Mismanagement – What You Can Do to Protect Your Retirement Nest Egg
November 17, 2018. By Anne Wallace.
Read [ Hacks, Embezzlements, and 401(k) Mismanagement – What You Can Do to Protect Your Retirement Nest Egg ]
Washington, DC When asked why he robbed banks, Willie Sutton reportedly replied, “Because that’s where the money is.” Now, however, roughly $5 trillion, or a fifth of all U.S. retirement assets, sit in 401(k) accounts. Today’s Willie Suttons are there, too, as recent ERISA lawsuits and criminal prosecutions confirm.
October 18, 2018. By Anne Wallace.
Read [ Fidelity Faces Self-Dealing Lawsuit over 401(k) Plan Mismanagement ]
Boston, MA On October 10, 2018, participants in the Fidelity Retirement Savings Plan filed a class action ERISA pension plan lawsuit against the Plan’s fiduciaries. The Complaint alleges that the Plan fiduciaries breached their duties under ERISA, thus harming the Plan and its participants and beneficiaries.
October 15, 2018. By Anne Wallace.
Read [ 401(k) Lawsuit Continues against Franklin Templeton ]
San Francisco, CA An ERISA pension plan lawsuit has survived numerous procedural challenges and will proceed as a class action against investment manager Franklin Templeton. Fernandez v. Franklin Resources Inc. claims that the fiduciaries in charge of managing the Franklin Templeton 401(k) Plan breached their duty to plan participants by causing the Plan to invest in funds offered and managed by Franklin Templeton, when better-performing and lower-cost funds choices were available. The motive was to benefit Franklin Templeton’s investment management business.
August 9, 2018. By Anne Wallace.
Read [ Ninth Circuit Says Pension Plan Participants Cannot be Forced to Arbitrate ]
San Francisco, CA On July 24, 2018, the Ninth Circuit held that the plaintiffs in a pension plan lawsuit could continue their legal fight as a class action, rather than having to arbitrate individually.Munro v. University of Southern California is a major victory for ERISA plan participants who were required to sign individual arbitration agreements as a condition of employment. The Court likened these ERISA lawsuits to whistle blower lawsuits–essentially viewing the plaintiffs as public prosecutors acting in defense of the pension plan itself. This is a very broad argument that may ultimately have wider legal implications.
July 9, 2018. By Anne Wallace.
Read [ Aon Hewitt Named (again) in Double-Dealing Retirement Plan Lawsuit ]
Charlotte, NC In April 2018, Benjamin Reetz filed a class action ERISA lawsuit on behalf of himself and other participants in the Lowe’s 401(k) Plan. The lawsuit claims that Aon Hewitt, the plan’s investment advisor, lined its pockets by recommending one of its own poorly performing investment funds. Lowe’s then fell down on the job by failing to catch what Aon Hewitt was doing. Wait, you think, didn’t I read this before, but was it about Home Depot or maybe Invesco?
June 13, 2018. By Anne Wallace.
Atlanta, GA On May 24,2018, participants in the Invesco 401(k) Plan filed an ERISA lawsuit in the Northern District of Georgia. The ERISA lawsuit contends that Invesco, Ltd. profited from the ERISA plan it offered to employees. The situation is rife with potential conflicts of interest because the employer, a plan fiduciary, is also an investment manager. Lest we lose track in this tangled web, self-dealing is against the law.Read [ Invesco Accused of Treating ERISA Plan Participants as Captive Investors ]
May 9, 2018. By Anne Wallace.
Atlanta, GA On April 12, 2018, two Home Depot 401(k) plan participants, Jaime Pizarro and Craig Smith, filed an ERISA lawsuit in the U.S. District Court of the Northern District of Georgia. The complaint alleges that The Home Depot breached its duty to Plan participants in three ways: by choosing poorly-performing investment options, allowing investment advisors to charge unreasonable fees and ignoring a kickback scheme between an investment adviser and the plan’s record keeper. A nickel here, a buck and half there – it adds up.Read [ Home Depot Employees File ERISA Class Action Lawsuit over 401(k) Mismanagement ]
February 6, 2015. By Heidi Turner.
Read [ ERISA Lawsuit to Be Heard by Supreme Court in February ]
Washington, DC An ERISA lawsuit concerning the statute of limitations in ERISA plan claims will be heard by the Supreme Court this month. The lawsuit, Tibble, et al vs. Edison International, et al, originally involved claims about imprudent investments for a company ERISA plan, but the Supreme Court will hear arguments concerning the statute of limitations in the ERISA plans.
January 8, 2015. By Heidi Turner.
Read [ Report: $1.3 Billion in Top ERISA Class-Action Settlements in 2014 ]
Chicago, IL An annual report of workplace litigation reveals that in 2014, ERISA lawsuits netted more than $1.3 billion in settlements, making 2014 the highest for ERISA (Employee Retirement Income Security Act) plan settlement figures in recent history. Although the number of ERISA lawsuits was down by the end of 2014, a few massive ERISA settlements drastically increased the settlement figures for the year.
December 5, 2014. By Heidi Turner.
Read [ Labor Department Wins $4.7 Million in ERISA Lawsuit ]
Trenton, NJ An ERISA lawsuit filed in 2005 by the Department of Labor has resulted in a $4.7 million judgment against the fiduciaries of the Professional Industrial Trade Workers Union (PITWU) Health & Welfare Fund. The ERISA plan complaint alleged that the fiduciaries violated their duties by compensating themselves for their services through employer contributions.
- Supreme Court Petitioned to Hear Another ERISA Case By Heidi Turner (Nov-12-14)
- Supreme Court Agrees to Hear Stock Options Case By Heidi Turner (Oct-4-14)
- ERISA Turns 40 By Heidi Turner (Sep-17-14)
- Preliminary Approval of Settlement in Regions Morgan Keegan ERISA Lawsuit By Heidi Turner (Aug-22-14)
- Supreme Court Rejects Presumption of Prudence in ERISA Lawsuits By Heidi Turner (Jul-6-14)
- ERISA Lawsuits: DOL Taking Action against ERISA Violations By Heidi Turner (Jun-12-14)
- Boeing Faces ERISA Suit Linked to Autism Coverage By Heidi Turner (May-15-14)
- DOL Forces Advisor to Pay for ERISA Violations By Heidi Turner (Apr-15-14)
- Are Many ERISA Plans Being Run Improperly? By Heidi Turner (Mar-12-14)
- Excessive Fees ERISA Lawsuit Filed against Fidelity By Heidi Turner (Feb-2-14)
- Supreme Court Sides with Plan in ERISA Lawsuit By Heidi Turner (Jan-3-14)
- ERISA Lawsuit Results in $99 Million Settlement By Heidi Turner (Dec-1-13)
- Does ERISA Cover Your Health Insurance Complaint? By Heidi Turner (Nov-1-13)
- ERISA Lawsuit Nets $30 Million Settlement By Heidi Turner (Oct-2-13)
- ERISA Lawsuit Results in $3 Million Settlement By Heidi Turner (Sep-8-13)
- ERISA Lawsuits Filed following Striking of DOMA By Heidi Turner (Aug-2-13)
- ERISA Does Not Automatically Provide Awards for Attorney’s Fees By Heidi Turner (Jul-3-13)
- DOMA Ruling Affects ERISA By Heidi Turner (Jun-29-13)
- ERISA Lawsuit Results in $153 Million Settlement By Heidi Turner (May-8-13)
- ERISA Lawsuit Alleges Equity Dump Undertaken to Avoid Pension Obligations By Gordon Gibb (Apr-3-13)
- Couple Uses ERISA to Sue for Same-Sex Spousal Benefits By Heidi Turner (Mar-10-13)
- ING Settles ERISA Lawsuit for More Than $5 Million By Heidi Turner (Feb-21-13)
- ERISA Laws Protect Against Retaliation By Heidi Turner (Jan-13-13)
- Understanding Your ERISA Benefits Plan By Heidi Turner (Dec-14-12)
- Employer to Repay Nearly $2.8 Million Following ERISA Plan Investigation By Gordon Gibb (Oct-10-12)
- Court: Blue Cross Violated ERISA By Heidi Turner (Sep-16-12)
- Understanding ERISA Laws Complicated to Understand By Heidi Turner (Aug-12-12)
- Kraft Foods Agrees to $9.5 Million ERISA Plan Settlement By Gordon Gibb (Jul-11-12)
- Unum Claims Denials Cited as Defying Medical Science: Court By Gordon Gibb (Jul-8-12)
- Did Actions of Highly-Paid CEO Hurt Investors Under ERISA? By Gordon Gibb (Jun-11-12)
- Wal-Mart Faces Pension Plan Lawsuit By Heidi Turner (May-21-12)
- JP Morgan Chase Hit with Class-Action ERISA Lawsuit By Gordon Gibb (Apr-12-12)
- ERISA Lawsuit Plaintiffs Worked Hard for the Money By Heidi Turner (Mar-13-12)
- Changes to ERISA Plan Laws Affect Employees By Heidi Turner (Feb-15-12)
- 2012 to See Changes to ERISA Plan Laws By Heidi Turner (Jan-16-12)
- ERISA Plan Lawsuit Settled for $6.5 Million By Heidi Turner (Nov-18-11)
- Lehman Brothers Wins Dismissal of ERISA Plan Lawsuit By Heidi Turner (Oct-24-11)
- Federal Agency Looks to Amend ERISA Plan By Charles Benson (Oct-3-11)
- Nortel Settles ERISA Benefits Lawsuit By Heidi Turner (Sep-22-11)
- Los Angeles Times Employees Settle ERISA Benefits Lawsuit By Charles Benson (Sep-5-11)