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ESG Investing Rule Holds (For Now)

ESG Investing Rule Holds (For Now) February 6, 2025. By Anne Wallace.
Fort Worth, TX On January 10, 2025, the Northern District of Texas rendered a decision in Spence v. American Airlines, Inc. The ruling (much to the surprise of many) does not challenge the Department of Labor’s rule that permits ERISA fiduciaries to consider environmental, social and governance (ESG) factors in selecting investments. Instead, it focuses on the relationship between the airline and BlackRock Institutional Trust Company, Inc. The court found that fiduciaries of the American Airlines 401(k) Plan and the American Airlines 401(k) Plan for Pilots had breached their ERISA duty of prudence and loyalty by failing to monitor BlackRock’s pursuit of non-financial and nonpecuniary ESG policy goals through proxy voting and shareholder activism.
Read [ ESG Investing Rule Holds (For Now) ]

Dempsey v. Verizon Communications: A Deep Dive into Pension Risk Transfer Lawsuits

Dempsey v. Verizon Communications: A Deep Dive into Pension Risk Transfer Lawsuits January 10, 2025. By Anne Wallace.
New York, NY On December 30, three former employees of Verizon Communications filed a class-action lawsuit on behalf of 56,000 Verizon Communications, Inc. retirees who formerly participated in either the Verizon Management Pension Plan or the Verizon Pension Plan for Associates. The breach of fiduciary duty ERISA lawsuit is the newest in a series of pension risk transfer litigation – a new twist on a familiar story because it involves old-fashioned defined benefit pension plans rather than 401k plans.
Read [ Dempsey v. Verizon Communications: A Deep Dive into Pension Risk Transfer Lawsuits ]

Apple Proposes $95 million to Settle Siri Snooping

Apple Proposes $95 million to Settle Siri Snooping January 7, 2025. By Jane Mundy.
Oakland, CAApple has filed in federal court a proposed $95 million payout to settle claims that Siri—Apple’s digital assistant— recorded owners' conversations without consent (after they activated Siri unintentionally) and allowed third-party contractors—such as advertisers—to listen in. The settlement could include anyone who owned a Siri-equipped device, such as the iPhone and Apple watch. Reuters reported that the class period began when Siri incorporated the "Hey, Siri" feature that allegedly led to the unauthorized recordings.
Read [ Apple Proposes $95 million to Settle Siri Snooping ]

$2.25 Million Settlement Pending in Seidner v. Kimberly-Clark

$2.25 Million Settlement Pending in Seidner v. Kimberly-Clark December 23, 2024. By Anne Wallace.
Dallas, TX A $2.25 million settlement that, if approved, will end Seidner v. Kimberly-Clark was filed on December 2 in the Northern District of Texas. The long-running class-action ERISA lawsuit alleges that fiduciaries of the Kimberly Clark Corporation 401(k) and Profit Sharing Plan breached their legal duty under ERISA by paying higher fees ($78 per participant) than what was paid (about $30 per participant) by plans of comparable size. Excessive fees erode the ultimate value of participants’ retirement savings.
Read [ $2.25 Million Settlement Pending in Seidner v. Kimberly-Clark ]

Winkelman v. Whole Foods: A Clash of Titans

Winkelman v. Whole Foods: A Clash of Titans December 10, 2024. By Anne Wallace.
Austin, TXOn November 13, plaintiffs in Winkleman v. Whole Foods filed a motion for class certification in the Western District of Texas. It’s not just that it was filed in Texas. Everything about this ERISA lawsuit is larger than life.
Read [ Winkelman v. Whole Foods: A Clash of Titans ]

Nova Southeastern University to Settle ERISA Lawsuit for $1.5 Million

Nova Southeastern University to Settle ERISA Lawsuit for $1.5 Million November 12, 2024. By Anne Wallace.
Fort Lauderdale, FL On October 9, Nova Southeastern University agreed to settle a long-running lawsuit in which participants in the Nova University Defined Contribution Plan claimed that the school had mismanaged their retirement savings by paying excessive recordkeeping fees and retaining underperforming investment funds. The plaintiffs’ motion for preliminary approval was unopposed.
Read [ Nova Southeastern University to Settle ERISA Lawsuit for $1.5 Million ]

Splintered Decisions in ERISA 401k Forfeiture Lawsuits

Splintered Decisions in ERISA 401k Forfeiture Lawsuits October 9, 2024. By Anne Wallace.
San Diego, CA On September 24, the Southern District of California granted Thermo Fisher Scientific Inc.’s motion to dismiss Konstantina Dimou’s ERISA lawsuit. Dimou v. Thermo Fisher Scientific claims that forfeited contributions should have been used to pay the administrative expenses of the Thermo Fisher Scientific Inc. 401(k) Retirement Plan rather than to offset required employer contributions. The financial difference can be significant.
Read [ Splintered Decisions in ERISA 401k Forfeiture Lawsuits ]

Back to the Thorny Issue of ERISA Arbitration

Back to the Thorny Issue of ERISA Arbitration September 24, 2024. By Anne Wallace.
Grand Rapids, MI On July 28, a three-judge panel for the Sixth Circuit heard arguments in Bradley Fleming v. Kellogg Co. a lawsuit that addresses, once again, the question of whether claims of fiduciary mismanagement against an ERISA plan can be forced into arbitration. It is significant that Fleming’s ERISA lawsuit advances claims against the Kellogg Company Savings and Investment Plan on behalf of the plan itself, as well as the plan’s individual participants. To date, the panel has not yet rendered a decision.
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Sixth Circuit Nixes Arbitration for ERISA Claims

Sixth Circuit Nixes Arbitration for ERISA Claims September 16, 2024. By Anne Wallace.
Memphis, TN On August 20, the Sixth Circuit refused to force participants in two related 401k plans, the "DRiV Plan" and the "Tenneco Plan,” to arbitrate claims that the plans wasted workers’ retirement money by offering sub-par investment choices. At first blush, Parker v. Tenneco, Inc., looks like one of many cookie-cutter ERISA lawsuits that allege sloppy financial management and the price that working folks pay.
Read [ Sixth Circuit Nixes Arbitration for ERISA Claims ]

NEC Infant Formula Update

NEC Infant Formula Update September 6, 2024. By Jane Mundy.
Santa Clara, CA Sadly, another infant formula lawsuit has been lodged against Abbott Nutrition by parents of a baby who died last year allegedly from its bacteria-tainted infant formula. Cow milk-based infant formulas such as Similac and Enfamil have been linked to a dangerous and potentially deadly neonatal medical condition known as necrotizing enterocolitis (NEC), in which bowel tissue dies.
Read [ NEC Infant Formula Update ]

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