LAWSUITS NEWS & LEGAL INFORMATIONFinancial
Legal News Articles - Financial
January 15, 2019. By Anne Wallace.
Read [ Employee 401(k) Lawsuit Claims GE Inflated Stock Value ]
Albany, NY On December 14, 2018, Adele Vargas filed a class action ERISA lawsuit against General Electric Company (“GE”) and Jeffrey Immelt, its former CEO. She alleges that GE improperly manipulated its earnings and inflated its stock price.
December 21, 2018. By Anne Wallace.
Read [ Trustmark National Bank Latest Defendant in Excessive Overdraft Fees Lawsuit ]
Jackson, MS In the waning days of December 2018, Cryesha McDonald and Chantal Lewis filed an excessive overdraft fees lawsuit in the U.S. District Court for the Southern District of Mississippi. The lawsuit alleges that Trustmark National Bank assessed overdraft fees in violation of its contractual agreements with customers. Like similar lawsuits brought throughout the country, McDonald v. Trustmark National Bank claims that the bank charges fees on transactions that do not actually overdraft the account. Attorneys for the plaintiffs seek class action status for the lawsuit.
December 12, 2018. By Anne Wallace.
Read [ SEI Investments Company Accused of Self-Dealing in 401(k) Mismanagement Lawsuit ]
Philadelphia, PA On September 28, 2018, Gordon Stevens filed a class action ERISA lawsuit claiming that his employer, SEI Investments Company, forced him and other SEI 401(k) plan participants into retirement investments that made money for the company, regardless of the employees’ own best interests.
November 23, 2018. By Anne Wallace.
Read [ Excessive Overdraft Fees Lawsuit against DFCU Survives Motion to Dismiss ]
Boston, MA Brandi Salls’ excessive overdraft fees lawsuit against Digital Federal Credit Union (DFCU) has survived the credit union’s Motion to Dismiss. This is good news, but it was a near thing, at least with respect to some of the counts. Claimants in similar credit union lawsuits should take away five important lessons.
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.
October 3, 2018. By Anne Wallace.
Read [ Digital Federal Credit Union Snared in Excessive Overdraft Fees Lawsuit ]
Boston, MAThe allegations in the latest excessive overdraft fees lawsuit against Digital Federal Credit Union (DFCU) may seem familiar by now. It is about two different ways of calculating an account balance – one which the consumer saw, and the other, lower number, which DFCU kept much closer to the vest. Similar lawsuits have been filed against Landmark Credit Union, Summit Credit Union, Pentagon Federal Credit Union and Boeing Employees Credit Union.
August 28, 2018. By Anne Wallace.
Read [ CFPB Moves to Protect Students from Overdraft Fees ]
Washington, DC On July 20, 2018, the Bureau of Consumer Financial Protection (CFPB) offered to settle its claim that TCF National Bank engaged in deceptive practices to market its overdraft protection services. In its bank overdraft fees lawsuit the CFPB alleged that these practices affected students at the University of Minnesota, with which TCF has a beneficial financial relationship. As their bright young things head off to college, should parents be concerned? Students and other inexperienced and lower income banking customers are particularly vulnerable to excessive overdraft fee schemes.
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.
- Time For Banks To Pay Up: Excessive Overdraft Fees Lawsuits Settled By Jane Mundy (Jul-27-18)
- Aon Hewitt Named (again) in Double-Dealing Retirement Plan Lawsuit By Anne Wallace (Jul-9-18)
- Credit Union Lawsuit Cites Excessive Overdraft Fees By Anne Wallace (Jun-20-18)
- Invesco Accused of Treating ERISA Plan Participants as Captive Investors By Anne Wallace (Jun-13-18)
- Death by Delay – CFPB Defers Credit Union Overdraft Regulations into Indefinite Future By Anne Wallace (May-22-18)
- Home Depot Employees File ERISA Class Action Lawsuit over 401(k) Mismanagement By Anne Wallace (May-9-18)
- Are Missed Contributions Considered Plan Assets Under ERISA? By Gordon Gibb (Mar-22-18)
- Big Banks Don’t appear to be Getting the Message over Excessive Banking Fees By Gordon Gibb (Mar-19-18)
- It's Alive! Class Action Lawsuit against Capital One Bank is Back On By Anne Wallace (Feb-18-18)
- Plaintiffs Litigating ERISA Lawsuit v. Oracle Corp. Achieve Class Action Status By Gordon Gibb (Feb-15-18)
- Are ER’s Cashing in on Upcoding? By Anne Wallace (Feb-3-18)
- Creditor Held in Contempt of Court for Violating Automatic Stay By LAS Staff Writer (Jan-26-18)
- Plaintiffs in Class Action ERISA Lawsuit Allege Breach of Fiduciary Duties By Gordon Gibb (Jan-23-18)
- Despite Recent Settlements, Banks Still Bilking Consumers Out of Billions By Gordon Gibb (Jan-19-18)
- Overdraft Fees Chewing Up Consumers By Brenda Craig (Dec-29-17)
- Are Continuous Overdraft Fees Like Illegal Payday Loans? By Anne Wallace (Nov-25-17)
- Bank of America to Settle Excessive Fees Class Action for $66.6 Million By Gordon Gibb (Nov-10-17)
- ER Bills and Hospital Overcharging: It’s Not Getting Any Better By Gordon Gibb (Oct-30-17)
- It Just Got Harder to Sue Your Bank for Excessive Overdraft Fees By Anne Wallace (Oct-30-17)
- Equifax Breach Led to Real Life Problems says Class Action By Brenda Craig (Oct-27-17)
- Wells Fargo Now Favors Arbitration in Long-Running Overdraft Fees Lawsuit By Gordon Gibb (Oct-16-17)
- California ‘Bad Faith’ Claim in Disability Denial Lawsuit By Anne Wallace (Oct-15-17)
- Unum Group Appears as Innocent Bystander in Insurance Denial Lawsuit By Gordon Gibb (Oct-13-17)
- Attorney Files Equifax Class Action Lawsuit By Jane Mundy (Sep-25-17)
- Banks Fight Excessive Overdraft Suits with Bid for Arbitration By Anne Wallace (Sep-8-17)
- Whistleblower Alleges Healthcare Fraud in Lawsuit By Gordon Gibb (Sep-7-17)
- Disgruntled Connecticut Account Holder Sues People’s United Bank over Fees By Gordon Gibb (Sep-3-17)
- Disability Insurance is not a Slam Dunk says Lawyer By Brenda Craig (Aug-15-17)
- Republican Lawmakers Want to Retract New Consumers Rights to Excessive Bank Fees Class Actions By Gordon Gibb (Aug-3-17)
- Tipsters Play Huge Role in Rooting Out Financial Fraud By Brenda Craig (Aug-2-17)
- Labor Department Orders Wells Fargo to Reinstate Whistleblower and Pay $577,000 in Back Wages By Deb Hipp (Jul-27-17)
- Denied Disability Plaintiffs Overdue for Unum’s Cutting Board? By Jane Mundy (Jul-20-17)
- Study Finds Consumers Complain Most About Banks With Highest Overdraft Fee Revenue By Deb Hipp (Jul-19-17)
- Sears Facing 401K Class Action Lawsuit By Lucy Campbell (Jul-19-17)
- The Best Strategy for Dealing with Proof of Disability Letters By Brenda Craig (Jun-7-17)
- An Award-Winning Employee Culture at Unum Can’t Stop Lawsuits By Gordon Gibb (May-27-17)
- Payments Flowing to State Sponsored Terrorism Victims, but Lawsuits Continue By Gordon Gibb (May-20-17)
- $8M Settlement Reached in Omnicare False Claims Suit By Lucy Campbell (May-18-17)
- BOK Financial $7.8 Million Class Action Settlement Headed For Final Approval By Deb Hipp (May-11-17)
- Calls for Increased Regulation of Car Title Loans Increasing By Gordon Gibb (May-5-17)